The man leading Facebook's digital currency plans, David Marcus, has appeared before US senators. Lawmakers want to know if the company is fit to introduce its own money.
Facebook's founder faced an unfriendly bipartisan crowd during a House hearing. Representative Maxine Waters said the company's "existing deficiencies and failures" needed to be fixed before launching a cryptocurrency.
Facebook's Libra, billed as an alternative to traditional banking, has sparked concerns from central bankers and regulators around the world. The currency has been criticized as a threat to sovereignty and stability.
Cryptocurrencies like bitcoin have been around for a while. But ever since Facebook started pursuing its own currency, financial authorities in the Western world have been nervous. That's good, says DW's Henrik Böhme.
The Russian social media network with aspirations to become a cryptocurrency platform has been in the spotlight for the wrong reasons. The go-to site for neo-Nazis is now also falling foul of US financial authorities.
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