Hearing At Capitol Hill Regarding New Facebook Currency

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A hearing on Capitol Hill today will probe Facebook’s plans to create its own digital cryptocurrency. The currency, called Libra, is backed by a number of companies including MasterCard, Visa, PayPal and others. Facebook says it will allow people without access to banks a way to manage their money. The Trump administration has raised concerns over the effort and the Federal Reserve is worried about the potential for money laundering and privacy issues. Facebook says it will cooperate with the government before launching the currency. Scheduled to speak before the House Financial Services Committee is David Marcus, the Facebook executive overseeing the Libra project.