Libra hearing following backlash
Ever since Facebook announced the launch of Libra, it has been receiving backlash from several nations including Donald Trump, the US president who recently twitted saying if companies like Facebook want to be banks, they should be ready to adhere to banking regulations.
All this attraction has led to a hearing with US lawmakers where Facebook is giving clarifications on its upcoming project.
As the social media platform will be facing off with the Senate Banking Committee in the hearing, the outcome is expected to dictate the future of Libra as some lawmakers have in the past suggested tech giants like Facebook not be allowed to operate as banks.
Though many find it politically frightening for the future if companies like Facebook are allowed to run their own cryptocurrency this will, however, change governance and bring in a new type of currency for corporations against governments.
The hearing talks about, taxing with using the Calibra wallet, data privacy, trust and the future of Facebook becoming one of the first social media platforms to use its own money.