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Congressional testimony reveals some faults in Facebook’s digital currency plans

As Facebook continues to lay the foundation for getting some of the world’s largest payment processing and technology companies a seat at the global monetary policy table, the company faces significant obstacles to enacting its plans from both sides of the Congressional aisle.
In the second of what’s sure to be many (many many many) hearings in front of Congressional committees, David Marcus, the chief executive of Facebook’s new digital payments subsidiary, Calibra, faced hours of questions from Representatives on the House Financial Services Committee about the how and why of Facebook’s digital currency plans.
Facebook’s critics had questions about both sides of the company’s two-pronged approach to transforming the global financial services industry.
Marcus was able to avoid answering some of his toughest questioning by taking advantage of the grey area between Facebook’s role as the chief architect behind Libra (a financial instrument that uses blockchain technology to enable transactions using a digital currency managed by a consortium of private companies) and Calibra (the payments subsidiary that Facebook owns).


a lot of this hearing is Facebook threading the needle between "we arent a bank yet will offer financial services"
the translation to this is "we do not wish to be regulated like banks"
— rat king (@MikeIsaac) July 17, 2019
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