U.S. Senate Banking Committee Pens Open Letter To Facebook About Libra Crypto Payments

US Senators Want More Information About Facebook’s Libra Crypto Project

The government of the United States is starting to look at Facebook’s new crypto project, often called Facebook Coin. The project, which is currently known as “Libra” at the moment, has made the U. S. Senate Banking Committee concerned.

According to reports, the committee is concerned about how Facebook will treat the financial information of the individuals on the platform. They wrote an open letter to Facebook’s founder and CEO Mark Zuckerberg this week and asked him about some more details about the not-so-secret project created by him.

The focus of the questions was mostly on consumer privacy. According to the Senate committee, Facebook asked for the banking details of several of its consumers last year and the committee has serious concerns about how Facebook will use all the data that it has collected so far.

Facebook is not very well-regarded in keeping the information of its clients very well, so the concerns are very understandable. As the concerns are real indeed, the committee wanted Zuckerberg to outline more about how Facebook would create its Project Libra cryptocurrency.

Some questions that will be asked are about consumer protection, what they can expect in terms of privacy and what kind of outreach the company will do to the regulators. Their goal is to discover what kind of information was shared by the banks and what the company is intending to do with this information.

For instance, they want to know whether Facebook has shared or sold this information with third-parties and whether the company has created its own credit rating for the users. Another important subject is whether the company is violating the Fair Credit Reporting Act or not, which can be happening in some cases.

About Project Libra

It is fair to say that not a lot is already known about the so-called Project Libra. The company has very secretly begun to create a blockchain research team last year and it tried to keep everything that it was doing a secret.

Obviously, some information was leaked and this has made people suspect that Facebook was up to something. By analyzing numerous job listings, for instance, some people were fairly certain that the company is working on a new coin.

Facebook hopes to raise at least one billion dollars with this new project. Will you use the token as soon as it is launched? A lot of people will.

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