The US Senate demanded that Facebook reveal the details of a cryptocurrency project codenamed Libra

The US Senate Banking Committee has demanded Facebook Inc. provide information about a secret cryptocurrency project codenamed Libra. Lawmakers are interested in exactly how the company intends to process the personal data of users of this proposed payment system.

Representatives of the committee stressed that last year, Facebook requested data about its users from US banks. They added that many experts believe that such a massive process of collecting and processing personal data should be subject to the Law on the Fair Presentation of Credit Information.

In this regard, according to legislators, Facebook should provide details about the mechanism of work of Libra, about negotiations with financial regulators, if any, and about the protection of personal data within the project.

The company should also tell what financial information about users it has, what it does with it, whether it has access to credit ratings and how the law is observed.

5.9.19 Facebook Letter by BlockchainJournal on Scribd

Earlier, the edition of The Wall Street Journal reported that the steablokoin from Facebook will form the basis of the new payment system called Libra, and the company is already negotiating cooperation with Visa, Mastercard, processing services and e-commerce giants.

The media also reported that MIT professor Christian Catalini, known for his work in the field of tokenized economics, is taking part in the development.

In addition, some sources said that Facebook intends for the first time in a long time to attract external funding in the amount of $ 1 billion for the project.

Note that on April 20, the Libra trademark was registered to JLV LLC, located at the same address as Facebook Inc.

The estimated project launch could take place in the third quarter of this year.

Subscribe to BlockchainJournal news on Facebook !