The U.S. Senate Financial Services Committee Holds A Hearing on July 16th Regarding Facebook's Cryptocurrency

The U.S. Senate Financial Services Committee announced that it will hold a public hearing on July 16th following Facebook's 2020 launch of its cryptocurrency Libra project.

On Wednesday, Maxine Waters, the chairman of the U.S. Senate Financial Services Committee issued a statement urging Facebook to suspend its continuation of the cryptocurrency "Libra" project, and this time, Facebook's move has become a major issue in the U.S.

Facebook's cryptocurrency project "Libra" is drawing such attention because it is popular enough to be used by a third of the world's population and has the potential to achieve shared economic goals under blockchain.

On the contrary, blockchain is highly transparent and anonymous, which leads to many problems such as modifying recorded contents or retrieving illegally transferred currency.

Among many, the biggest problem is handling personal information policy. While the key technology of the fourth industrial revolution appears to be led by blockchain, the leakage of personal information could be a major disaster as everything moves based on the network.

Therefore, many believe that despite the advantages and high potential in blockchain industry, the governments are not actively supporting blockchain at the moment due to such variabilities and obstacles.

Reporter James Lee (news@dailycoinews.com)의 기사 더 보기

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