Facebook has responded to demands from the U.S. Senate Banking Committee for answers on the regulatory status of its cryptocurrency project Libra, although steered clear of calls to halt the initiative entirely.
Penned by David Marcus, who will head Calibra, the entity being spun off to manage the digital wallet of the same name, the letter acknowledged the “important questions” that have been raised by lawmakers about its cryptocurrency project Libra.
He cited the need for governments, central banks, regulators and other stakeholders to be involved in shaping its development.
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