For nearly a year, reports that Facebook is working on a cryptocurrency-payments network have not only made headlines but also raised questions about whether it will endanger Bitcoin or only help cryptocurrencies will finally achieve mainstream adoption.
However, several of those reports cite anonymous sources with not so much being given away about the nature of Facebook’s planned cryptocurrency. Well, not until the Wall Street Journal reported that Facebook’s secret cryptocurrency project is called Libra and could hit the market soon with the search for prospective partners already ongoing.
That report caught the eye of the U.S Senate Banking Committee who has now called out Facebook’s CEO, Mark Zuckerberg to reveal more information about the secret cryptocurrency-payment system they are developing.
In an open letter that the Committee sent to Zuckerberg on May 9, they asked him to provide information such as how the cryptocurrency will work and the financial regulators that Facebook has contacted since the project started.
Additionally, the Committee asked questions regarding the consumer protection strategies that Facebook plans to implement with the new product and what financial information it already has on prospective users and efforts it is taking to project such data if any.
Another section demanded information regarding whether Facebook’s has access to data regarding user’s creditworthiness or personal characteristics that could aid the marketing of the new product.
Lastly, the Committee queried how Facebook plans to ensure that such personal data does not violate the Fair Credit Reporting Act.
There is no doubt that if Mark Zuckerberg supplies the answers that the Committee wants, he will give so much information away regarding what is turning out to be one of the most secretive and awaited products in the crypto space.
However, nothing can stay secret forever or as long as Satoshi Nakamoto, so it is inevitable that sooner or later, Facebook’s will unveil its secret project either within their timeline or at the Committee's request.