Facebook Urges U.S. Legislators to Give Green Light to Libra Project

By Yana Berman

Facebook representatives urged the U.S. legislators to support the development of cryptocurrencies and prevent China from keeping the leading position on the market, TechCrunch reports Wednesday, July 16.

Facebook Urges U.S. Legislators to Give Green Light to Libra Project                                 

Senate Banking, Housing and Urban Affairs Committee held the hearing dubbed “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations” yesterday. It was dedicated to social media giant’s recent crypto project Libra, which was announced in mid-June.

Head of Facebook's blockchain subsidiary Calibra David Marcus wrote in its testimony to Congress:

“I believe that if America does not lead innovation in the digital currency and payments area, others will. If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different.” Head of Facebook's blockchain subsidiary Calibra David Marcus

Marcus also told the Senate Banking Subcommittee that United States might end up with the situation where half the world is on a blockchain technology that is out of reach of national security forces. 

Facebook presented its much-anticipated cryptocurrency Libra in mid-June. The blockchain ecosystem for Libra will be launched in the first half of 2020, along with the company’s own crypto wallet Calibra. 

The Libra blockchain will be operated by nodes represented by 27 major companies, such as Visa, Uber, MasterCard, eBay, PayPal, and others. According to TechCrunch, each of these firms invested at least $10 million in the project.

Intergovernmental anti-money-laundering organization Financial Action Task Force (FATF) is also seeking to tighten crypto rules and enforce control over cryptocurrency transactions following the announcement.

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