Facebook says regulatory concerns to be 'fully addressed' before cryptocurrency Libra's launch
Updated : July 16, 2019 06:49 AM IST
David Marcus, who oversees Facebook's blockchain efforts, planned to tell Congress that Libra is not being built to compete with traditional currencies or interfere with monetary policy.
Speaking with reporters, US Treasury secretary Mnuchin said he was not comfortable with Libra currently, particularly in guarding against money laundering and other illicit use.
Since announcing the Libra project last month, Facebook has faced a torrent of criticism and skepticism from policymakers across the world who cite concerns over data security, money laundering and consumer protections.
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