Facebook is already the world's largest tech news site. Now it wants to change the way we use money online.
The company is planning to spend two days on Capitol Hill in Washington, DC, this discussing its, a form of digital money that's being backed by a consortium of companies including MasterCard, Visa, PayPal, Uber, eBay and Vodafone. If successful, Facebook says Libra could allow people who don't have access to banks to still be able to store and manage their money, and it'll work more easily on the internet.
Regulators, wary of Facebook's long list of screw-ups is highly volatile and based on thin air."and , have raised concerns. Steven Mnuchin, the US Treasury secretary, said he has " " about Libra. Jerome Powell, chairman of the Federal Reserve, said he has " ." President Donald Trump meanwhile has expressed concerns about how the value of cryptocurrencies "
The hearing, called "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations," will begin Tuesday at 7 a.m. PT/10 a.m. ET. There will be a second day of Libra-related testimony on Wednesday.
Day One will be livestreamed on the Senate Banking Committee's website.
What we can expect
David Marcus, a powerful Facebook exec heading up the company's involvement in Libra, will be at the hearing. According to his testimony posted online, he plans to discuss how Libra works and why he believes Facebook is the right company to work on this.
"I believe that if America does not lead innovation in the digital currency and payments area, others will," he plans to say. "If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different. I believe that Libra can drive positive change for the many people who would benefit from it."
Correction, July 16: Corrects time of hearing.