The U.S. Senate Banking Committee's Hearing on Libra Was Held on Wednesday--The Main Issue Is "Data Privacy"

Recently, U.S. President Trump and U.S. Treasury Secretary Mnuchin expressed their critical views on the virtual currency and Facebook's Libra, while Facebook CEO David Marcus attended a hearing at the Senate Banking Committee to try to address concerns about Libra.

But the core of the public hearing was rather a strong distrust of Facebook Inc.'s "handling of privacy data," not the virtual currency Libra. The word bitcoin was also mentioned several times, but it was not a major topic.

Sen. Sherrod Brown of the Democratic Party echoed criticism, saying Facebook is "dangerous and does not live up to the trust of the American public." Before starting questioning about Facebook's Libra, senator Brown and senator McSally accused Facebook of "harming the trust of users and the public with its privacy scandal so far."

Facebook CEO David Marcus changed topic from Facebook's privacy data-handling trust issue to Libra and said, "The company that manages Libra is not just Facebook, but team of various institutions that are part of the management of Libra." Yet, Brown continued to raise questions regarding recently established Swiss law and drawing connections to Libra.

At the heart of the Senate Banking Committee hearing was the ripple effect in which Facebook has more than 4 billion users and once the market is opened, the demand will be off the chart which will be difficult to control since cryptoeconomy is different from existing economic and social patterns.

In other words, since the nature of virtual currency and blockchain implies true decentralization of power, including the previously centralized economy, the resistance of governments and institutions with power is likely to become so extreme.

Realistically based on global economic guidelines, series of criticism from the U.S. president Trump and U.S. Treasury secretary Mnuchin and cynical attitude from the U.S. Congress, the future of cryptocurrency market has many hurdles and challenges to overcome.

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

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