Facebook: No digital currency until regulator concerns addressed
Amid its privacy scandals, the company is drawing new criticism over its plans for a new cryptocurrency.
Facebook Inc. won't launch Libra, the controversial cryptocurrency it's planning to build with dozens of partner firms, until regulators' concerns are fully addressed, according to the company's top executive on the project.
David Marcus, who will appear before members of both houses of U.S. Congress to discuss the project this week, said Facebook will also get "appropriate approvals" before launching Libra. The cryptocurrency isn't intended to compete with countries' national currencies and won't interfere with central banks on monetary policy, Marcus said in testimony prepared for a July 16 hearing before the Senate Banking Committee.
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