Facebook Hearing: All You Need To Know

Last week’s interrogation by the US Senate committee on banking, housing and urban affairs of Facebook’s David Marcus is something interesting to watch after Wimbledon. People had very little hopes with this hearing as last year, lawmakers were a failure. This time, however, they looked better prepared.

Talking about Facebook’s cryptocurrency project, Libra, David Marcus said, “It would bridge a gap in the financial system for people who lack access to traditional banking. The project would ultimately allow Facebook’s 2.4 billion users worldwide to send and transfer money quickly — and with almost no fees”.

Some highlights from the hearing –

The US should lead the world in cryptocurrencies.
Libra will comply with all U.S. regulations
Libra will not be launched until US lawmaker’s concerns are answered
There is no intention to sell or directly monetize user data
More revenue from Libra will lead the business to spend more on Facebook ads.
Blockchain technology is inevitable and the US should lead the market before someone else takes over.
Marcus also explained how Facebook will make money from an independent body based in Switzerland.

The idea is not taken well by US treasury secretary, the chairman of the Federal Reserve and even President Donald Trump.