FILE PHOTO: A 3-D-printed with Facebook logo is seen on the representations of the virtual currency, Bitcoin, in this illustration photo June 18, 2019. REUTERS/dado Ruvic/Illustration
WASHINGTON (Reuters) – Facebook Inc. ‘ s plans for the creation of a global cryptocurrency, it will be faced with the scrutiny of the U.S. Senate Banking Committee on July 16, in the latest sign that policy-makers around the world have been casting a wary eye on the project.
The hearing will be to explore the project, which is called Scale, as well as all of the information and privacy concerns may increase, the commission said on Wednesday. No witnesses have been announced yet, according to a committee spokesman said.
David Marcus to oversee Facebook for the blockchain efforts, is expected to testify, according to a source in Washington familiar with the matter.
The announcement comes a day after the social media giant revealed its plans for the launch of a global cryptocurrency, which immediately attracted the attention of regulatory bodies around the world, and in the end, did you?
Representative Maxine Waters, the Democrat, who is chairman of the House Financial Services Committee, said on Tuesday it is planning to also speak to Facebook in order to be a witness, and asked the company to halt the project, the decision-makers in the art.
In May, the leaders of the Senate Banking Committee, wrote to Facebook to look for the information about the rumors about the cryptocurrency and how it would protect consumer information.
On Tuesday, a Facebook representative said the company was looking forward to the answer the legislature’s questions. The company did not immediately respond to a request for comment at the July 16th hearing.
Facebook is hoping to launch the Scale in the first half, by the year 2020. It is an honor to not only have the power of transactions between the incumbent, consumers, and businesses all over the world, but to provide unbanked consumers access to financial services for the first time.
Prior to Tuesday’s announcement, Facebook was confronted with a significant impact on misuse of the data by the user, and do not have enough to do in order to prevent Russian interference in the 2016 presidential election. These problems have led to the fact that some of the officers of the government, in order to make a call to Facebook and punishable by fines, or be forced to be broken.
Report by Pete Schroeder; Additional reporting by Katie Paul in San Francisco; Editing by James Dalgleish and Lisa Shumaker