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25 August 2019


Facebook's Libra cryptocurrency attacked at Senate hearing

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Facebook's plan for a cryptocurrency has come under further attack at a US hearing, with politicians calling the company "delusional" and not trusted.

Axar.az reports citing foreign media.

The Senate Banking Committee is quizzing Facebook executive David Marcus over the tech giant's intention to launch its Libra digital currency.

The company had showed "through scandal after scandal that it doesn't deserve our trust", said senator Sherrod Brown.

Facebook was told to clean up its house before launching a new business model.

The company announced last month plans to launch a digital currency, possibly next year, but first needs to get Washington lawmakers on its side.

But since it unveiled the plan, critics have lined up to voice scepticism, including US president Donald Trump.

Mr Brown, a Democrat, told the hearing: "We'd be crazy to give them a chance to let them experiment with people's bank accounts." He thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

Other senators shared her concerns. "I don't trust you guys," said Republican senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model."

Date
2019.07.17 / 09:33
Author
Axar.az
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