On the week of July 15, 2019 Facebook met in front of a US congressional committee to discuss the tech giant’s ambitious plans of creating a global digital currency named Libra. At the hearing, US congressional staff probed Libra executives as well as notable cryptocurrency experts on the project’s intentions and concerns.
The takeaways from the hearing included strong concern from central authorities that Libra could pose a significant risk to the global financial system. These risks include money laundering, terrorist financing, and loss of regulatory power.
As a Swiss-entity, the Libra foundation promised to comply with international financial bodies and cooperate in general with lawmakers. The goal is simple. Libra wants to create financial inclusion for millions of unbanked people around the world using a stable coin. There are expected to be many more hearings to further the conversation.
With a wide range of opinions presented, this article turns to industry experts and entrepreneurs to get their feedback on Libra and the future of banking and digital currencies.