WASHINGTON/NEW YORK: U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw intense scrutiny from financial regulators and politicians across the globe. Facebook is fighting a rearguard action to get Washington onside after it shocked regulators and lawmakers with an announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.
The Senate Banking Committee will question David Marcus, the company's top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled. "They're going to have to convince us of very high standards before they have access to the U.S. financial system," Mnuchin said on Monday.Facebook allocated a small fraction of its vast workforce to work on the project, Kevin Weil, who runs product for the Libra initiative, told Reuters on June 18.
Rumors had surfaced as early as last year that Facebook was working on a digital currency, but news that the project was in its advanced stages started to emerge only in recent months.In the weeks leading up to the announcement, the company began reaching out formally to key regulators including the Federal Reserve, the Treasury and the Commodity Futures Trading Commission.
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