No Libra Launch Until Regulatory Concerns Resolved, U.S. Senate Told

A key architect of Facebook’s digital currency project, Libra, has attempted to reassure lawmakers that Libra will not be launched until regulators are happy user data is protected, the risk of financial crime is minimized, and fair competition is ensured.

Appearing before the Senate Committee on Banking, Finance and Urban Affairs on Tuesday, Facebook's David Marcus faced tough questioning on the potential of Libra to be used by money launderers and other bad actors, as well as the social media giant's own checkered history as a custodian of user data.

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