“Facebook has burned down the house over and over, and called every arson a learning experience,” said Democrat senator Sherrod Brown yesterday at the US Senate Banking Committee. Referring to Facebook’s venture into cryptocurrency with Libra, he added, “We would be crazy to give them [Facebook] a chance to experiment with people’s bank accounts, and to use powerful tools they don’t understand, like monetary policy, to jeopardise hardworking Americans’ ability to provide for their families”. These comments, made at a US Senate hearing on Libra cryptocurrency add to the chorus of skepticism across Washington. Key issues raised by Senators: "Can we trust Facebook with our money and economy?" Senator John Kennedy asked David Marcus, head of Facebook's Libra project, quite sarcastically, "Isn't it true, and I really want your opinion, that Facebook has chosen to advance a set of values in which truthful reporting has been displaced by flagrant displays of bull-[redacted] ... Facebook now wants to control the money supply. What could possibly go wrong?" 1. Facebook says people don't have to trust it, ensures high privacy standards Trusting Facebook was a key theme that played out throughout the Senate hearing. Marcus said that "Trust is primordial and we've made mistakes in the past and we're working hard to get better. We've invested in a number of programs noticeably on privacy and election integrity. Facebook will only be one among a hundred different members of the Libra Association and will have no special privilege. Means you will not have to trust…
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Trusting Facebook with people’s money ‘delusional’: Key issues raised by US Senators against Libra
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