Both Bitcoin and Libra took shape to challenge governments, but Saga wants to work with them
Read on to know more about the most controversial developments in the tech space this year.
Representative Maxine Waters, the panel's fiery Democratic chair, had previously called for the Libra project to halt its planned 2020 launch, and has drafted legislation that would bar tech companies from entering financial services.
Libra, Facebook's digital currency project, has faltered in recent weeks amid sustained criticism from lawmakers and regulators over fears it may aid money laundering and upend the global financial system.
The social media giant unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.
Facebook unveiled in June its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth whose reputation has been tarnished by its role in spreading fake information and extremist videos.
Facebook, the world's largest social media network, announced plans in June to launch the new digital currency, but Geneva-based Libra has come under fire from regulators who fear it could destabilise the global financial system.
The world's largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce and global payments.
Widespread acceptance of Facebook's proposed Libra currency could even undermine the ECB’s ability to set monetary policy, a potential risk for the currency bloc, Board member Yves Mersch said.
Facebook has linked up with 28 partners in a Geneva-based entity called the Libra Association, which will govern its new digital coin, which is due to launch in the first half of 2020.
Facebook last month unveiled plans for Libra in an announcement that sparked fears of the unintended consequences of a loosely supervised global currency.
While promising Libra will adhere to relevant laws and regulations, Facebook aimed to sell lawmakers on the product's merits as well.
David Marcus, who oversees Facebook's blockchain efforts, also plans to vow that Libra is not being built to compete with sovereign currencies or interfere with monetary policy.
The original cryptocurrency slumped 10.4 percent on Sunday alone, its second-biggest daily drop this year.
The proposed cryptocurrency has drawn close scrutiny from policymakers and financial regulators globally. Powell said existing rules do not fit cryptocurrencies.
Powell said any regulatory review of the recently announced project should be 'patient and careful,' and he expects the US Financial Stability Oversight Council, a panel of financial regulators, will also review the idea.
Facebook's stock has gone up since the company announced Libra and had planned to include a wallet called Calibra. While facebook defends itself by saying that Calibra's financial data will be separate from Facebook's social data, the company has invited further calls for regulatory scrutiny.
The cryptocurrency from social media giant is an interesting mix of free and fiat currencies. However, niggling doubts over privacy and other issues remain
The world's biggest cryptocurrency has surged in value since April and has risen more than 260 percent, although it remains below its all-time high of nearly $20,000 hit in December 2017.
By Facebook proposing Libra, it might be safe to say that no Silicon Valley company has ever set for itself a more ambitious goal.
The cryptocurrency has the potential to reach $40,000, Bitcoin bull Tom Lee earlier said.
Facebook is reportedly planning to go international with its Libra project
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