The US Senate will hold a hearing on the Libra cryptocurrency in July

The US Senate Committee on Banking, Housing and Urban Affairs on July 16 will hold a hearing on the new Libra cryptocurrency being developed by Facebook.

A hearing entitled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" was scheduled after calls from members of Congress to study the Libra project and its potential risks more carefully. There were even calls to stop the work on the project before the hearing.

A Facebook spokesman said that "we look forward to the opportunity to answer the questions of the legislators." The meeting on July 16 will be held at 10:00 am EST and will be broadcast to the public.

Last month, it was the Senate Banking Committee that wrote an open letter to Facebook asking them to answer questions about the work on Libra, including how the company would comply with the requirements of regulators and market observers. As of this week, Facebook has not responded directly to this letter, but a company spokesman said that "we received a letter and answer questions from the senators."

The upcoming launch of Facebook cryptocurrency and the publication of the Whitepaper of the project have caused a strong response from the authorities around the world. According to Bank of England chairman Mark Carney, Facebook's cryptocurrency initiative can meet the "highest standards" in world regulation. 

SOURCE