David Marcus, head of Facebook's Libra project, has said in a speech published yesterday that will be delivered today before a committee of the U.S. Senate that the social network does not plan to launch Libra until all regulatory issues have been addressed.
Marcus has said that he agrees with Jerome Powell, president of the U.S. Federal Reserve (Fed), that the process of analyzing Facebook's stablecoin should be "patient and rigorous."
According to him, the period of time before the final launch of the stablecoin should be used to analyze its benefits, consequences, implications, regulatory needs...
Facebook's crypto project was announced last June 18, when the social network presented the Calibra project website as well as Libra's white paper. Regulators all over the world quickly showed their concern about the project. Referring to this, David Marcus has said that Libra "does not plan to compete with sovereign currencies or interfere with monetary policy."
Marcus will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday to talk about Facebook's crypto project, mainly about how it will treat the private data of its users.
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