Sat, 25 Sep 21

Mr Cryptopedia

All You Need to Know about Bitcoin

FACEBOOK’S DAVID MARCUS ASSURES CONGRESS THAT LIBRA WILL COOPERATE

Facebook vice president of messaging products David Marcus speaks at the WSJD Live tech conference in Laguna Beach, California on October 18, 2017. / AFP PHOTO / Glenn CHAPMAN (Photo credit should read GLENN CHAPMAN/AFP/Getty Images)

The Senate Banking Committee held a hearing on August 12 about the Libra cryptocurrency, which is launched by Facebook. The managers of the company, Mark Zuckerberg, hoped for positive feedback, but the senators literally destroyed the project in their speeches. What will be the fate of Libra now?

Facebook has long enough announced its intention to expand its services and launch its own cryptocurrency Libra (English “scales”). The social network said it was doing everything possible to increase the comfort of its users, so the new cryptocurrency will not only be a financial tool, but will open up a wide range of opportunities for people.

 Libra’s creators also assure that in the future this cryptocurrency can be used for any other purpose – from remote pay for services before buying a cup of coffee in a cafe. Libra supposedly should be helped in this by a solid rate, which will not fluctuate greatly due to the security of so-called solid assets, such as real bank accounts and short-term government securities.

This should make Libra a more stable tool than the notorious Bitcoin. About the plans for the release of cryptocurrency Libra Facebook officially announced back in June. Then the representatives of American regulatory authorities and economists first noticed that the social networks of Mark Zuckerberg have a hard way to bring cryptocurrency to the market.

However, Facebook waited and hoped that in the US Senate, where the first hearings were scheduled for August 12, there would be voices in support of the project. But it didn’t happen. According to Bloomberg, the head of the Facebook blockchain department, David Marcus, came to the US Senate on Monday. He had to defend the project with all his might and contain the blow of the senators.