The Chief Operating Officer of Facebook, Sheryl Sandberg, to testify soon on Libra Cryptocurrency in front of the House of Financial Services in next month.
Facebook is leaving no stone unturned to launch its own cryptocurrency Libra. There have been many questions raised after the announcement of Facebook’s Cryptocurrency named Libra, globally. The hearing of Sandberg’s trial comes after the hearing of Facebook executive and Libra co-creator, David Marcus, who received many harsh concerning questions from the House and Senate representative.
The main problems were about the trust issues with the cryptocurrency and how will it be managed from misusing to finance illegal and criminal activities.
Recently, Mark Zuckerberg, the CEO of Facebook visited for dinner at Washington, D.C., with the lawmakers of the United States who had their concerns over Facebook’s Cryptocurrency Libra regarding the national privacy issues and regulations.
Democratic Senator Mark R. Warner said, “Zuckerberg heard consistent concerns about privacy, concerns around vile content and how it came to be dealt with.” However, Facebook’s commitment to the launching of Libra is still strong and believes that it will be launched in the next year, i.e., in the year 2020
Will Libra Cryptocurrency get the green light?
Not only Libra has faced opposition from the U.S. regulators, but it has also faced opposition from all over the world. Recently, Libra was blocked from the French and the German finance ministers in Europe over the issues and threats to monetary sovereignty.
However, from the east, the Bank of Japan did request others to cooperate for the regulations on Libra. Recently Switzerland’s financial watchdog informed that Switzerland was open for international cooperation with Libra.
With all the mixed reviews, all the cryptocurrency enthusiasts have to wait and watch till next year if the launch of Libra would be successful.