Facebook’s blockchain chief David Marcus said that the social media giant “will not offer” its proposed digital currency Libra “until we have fully addressed regulator’s concerns and received the proper approvals”.

Marcus made the comment during yesterday’s congressional hearing on Libra, where he also assured lawmakers that Facebook was “fully committed to working with regulators” in the US and around the world. The hearing before the House Financial Services Committee came just a day after Marcus had been questioned by the Senate Banking Committee.

A spokesman for Facebook subsequently told CNN Business that Marcus’ comment meant that Facebook would not offer ways for users to access Libra, although the cryptocurrency might still launch.

During the hearing, the chair of the committee, Maxine Waters, said that she had “serious concerns with Facebook’s plans”, adding that if those plans “come to fruition, the company and its partners will wield immense economic power that could destabilize currencies…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/facebook-is-fully-committed-to-working-with-regulators-on-libra-says-david-marcus/