Facebook recently announced its cryptocurrency project and it seems this launch may be halted for a bit as the US Congress is calling for a hearing on the project.
The House Financial Services Committee, through its chairwoman Maxine Waters, announced that her panel will hold a meeting with Facebook next month to discuss Project Libra, Facebook's foray into the cryptocurrency world. The meeting is scheduled on July 17 - a day after a separate hearing with the Senate Banking Committee happens.
Facebook announced its cryptocurrency project last week named, Project Libra. Although owned by Facebook, Project Libra will be operated by the non-profit Libra Association.
According to Facebook, Project Libra will be separate from Facebook - yet it will be Facebook’s own payment system which will be based on a cryptocurrency. Facebook also announced that other business entities will be supporting Project Libra, including Uber, Mastercard, Spotify and Coinbase.
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