The volatile nature of bitcoin has invited risk takers to trade the cryptocurrency. A cryptocurrency is a kind of money that does not exist in the form of bills or coins.
"What they've done with interfaces, they're going to do with money, and in that arena, the banks don't have a chance". The blockchain permits the activity records to be checked and stored securely.
Waters, a far-left politician from California, has even asked that Facebook cease development of Libra until congress can examine the privacy and financial risk that the cryptocurrency poses. It expects to launch the service publicly in the first half of next year.
"We know the journey is just beginning, but together we can achieve Libra's mission to create a simple global currency and financial infrastructure that will empower billions of people", Mr Marcus said. "Facebook insists that 1.7 billion people without bank accounts in developing countries need it; odd they can't see that M-Pesa fits the bill already..." "No matter where you live, what you do, or how much you earn".
"We can not allow Facebook to run a risky new crypto-currency out of a Swiss bank account without oversight", he said in a statement.
The hearing titled "Examining Facebook's Proposal Digital Currency and Data Privacy Considerations", comes after the social media giant ran into political opposition not only from the US but also from European regulators, just hours after it released the white paper for its Libra token on Tuesday.
The new cryptocurrency is developed collaboration with top companies such as Visa, MasterCard, PayPal, eBay, Lyft and, Uber.
So how soon will you be able to use Facebook's new currency to buy your morning latte?
Cryptocurrency investors have also lost hundreds of millions of dollars through steep price drops and crypto-exchange hacks and the market has faced money-laundering and terrorist-financing allegations.
Facebook created a separate company, called Calibra, to operate the Calibra wallet system.
Libra's low fee transaction should incentivise customers to use the token to send money, analysts believe. Calibra will be available as an app on smartphones or directly from Facebook's Messenger and WhatsApp products. China perceived this new advancement by Facebook as a challenge. User information might also be shared in some other "limited cases", such as when law enforcement requests information, Facebook said in a statement.
Still, she said, people could be alarmed because of Facebook's use of data in the past. Businesses will see the same information about users who pay with Libra as they do about users paying with credit cards, the company said.
"We look forward to responding to policymakers' questions as this process moves forward", a Facebook spokesman said.
Before Tuesday's announcement, Facebook was already facing significant backlash over mishandling user data and not doing enough to prevent Russian interference in the 2016 USA presidential election.
As Rahul Gandhi turns 49, PM Modi wishes him good health
Gandhi had offered to resign as the Congress chief last month following the party's huge loss in the 2019 Lok Sabha elections. In order to negate the criticism of Congress being the dynastic party, he wants a non-Gandhi to become the party president.
Four TDP Rajya Sabha MPs switch over to BJP
The development has plunged TDP into a crisis at a time when party President and former Andhra Pradesh Chief Minister N. Nadda added that the MPs who had joined the party "would get to work with the BJP, which believes in inclusiveness".