US senators wants to know why Facebook wants crypto

[starblocks]

The US senate does want to know what Facebook's intentions are for its new crypto currency project which is still shrouded in mystery, but there are hints that it may be considering to use it as a form of payments for its members and to potentially incentivize use of its services and if it's successful then this will be a huge boon for cryptocurrency adoption as millions of people will be able to utilize these types of technologies

[aioc]

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

of course, Facebook is a big fish they have not done it on other coins, they want to know since cryptocurrency is anonymous if they can still trace people purchase on Facebook services and products or it might avoid the IRS, judging from this, they want to protect the government income.

[ityandsyn]

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

      Facebook has the rights to expand their services to the users and U.S. senate has have the rights also to know and inquire all activities under their jurisdiction for the welfare of their people, so I think there's no big deal about this issue.

[bgaf]

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

What the hell is that question for? Cryptocurrency is created to fully have a free transaction and gain some transparency. Yes it can be monitor but by the Government watching it is like someome can rob you anytime. I like the concept of privacy coin which secure fully the transactions of all users. This is kinda suspicious but the asset of everyone is safe and hidden from those scammer eyes. If Facebook launching a centralized coin then there is no difference between big projects such as xrp. Come on, bank will only seize the opportunity to create fees and ask you for such payment. Imagine if cryptocurrency is regulated by government. Regulation is good but by Government authority? I dont think so!