A day after announcing its own cryptocurrency, Facebook was cited by the US Senate. EE.UU to answer questions about how Libra will operate. After numerous scandals of the social network, the citation of the Banking Committee of the Senate gives clues about the scrutiny that awaits the social network in its plans to enter the world of cryptocurrency.
Lawmakers expect to receive staff from the social network next July 16.
The audience will seek to address the scope of the Libra project and the considerations regarding privacy and user data. According to the Committee on Wednesday, the attendees have not yet been defined.
Libra’s announcement attracted the immediate attention of world legislators, with interventions by authorities in the United Kingdom that warned that they will have an open mind, but not the doors open to the idea, which will go through a demanding scrutiny.
Rep. Maxine Waters, a Democrat who heads the Financial Services Committee, said on Tuesday she planned to make a similar call to Facebook to testify about her project and asked the company to contain its plans while lawmakers analyze them.
In May, the leaders of the Senate Banking Committee wrote to Facebook to clarify the rumors about the cryptocurrency project and how the social network will ensure the protection of consumer information.
At the moment, Facebook has not responded to comments on the July 16 hearing.
Facebook is working hand in hand with 27 organizations in the Libra Association so that the cryptocurrency, a ‘stable coin’, is adopted and functional in several applications by the middle of 2020.