Facebook’s plans to launch a cryptocurrency and digital wallet for users to make online purchases and money transfers should have the financial services community in a tither, with some expecting banks to quickly follow Facebook’s lead.
The social network’s shift into financial services also has raised the specter of regulatory oversight of cryptocurrency. The U.S. Senate Banking Committee announced Wednesday it will hold a hearing over Facebook’s cryptocurrency plans on July 16. The hearing will explore Facebook’s project Libra and data privacy considerations associated with it, according to Reuters. In a tweet Tuesday, U.S. Rep. Maxine Waters, chair of the House Financial Services Committee, called on Facebook to halt its crypto plans and wants hearings to further study it.
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Source: Computer World