Facebook Reveals Its Intention to Continue Virtual Currency, Libra Despite the Request from U.S. Congress to Deter Development

During two consecutive days of hearings by the U.S. Senate, the House Financial Services Committee and the Bankers Committee, U.S. lawmakers demanded a temporary suspension to the development of new virtual currency for Facebook, but Facebook's CEO David Marcus hinted that he would continue the project without interruption.

Multiple lawmakers asked Facebook's blockchain executive and CEO, David Marcus, if he agreed to suspend the development of Libra until Congress and regulators can investigate concerns surrounding the virtual currency at a hearing on the House Financial Services Committee on Wednesday. Marcus, in response, said he accepts parts that require a certain amount of time due to the current conditions of the project, but declined to answer the question of whether he agrees to a temporary suspension.

Facebook's latest virtual currency project, meanwhile, is aimed at expanding its business scope around the world, raising tensions within the government. Facebook's virtual currency Libra project, along with its 27 partners, is developing a digital wallet "Calibra" with the aim of providing Libra services in 2020.

 

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