FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
WASHINGTON (Reuters) – Facebook’s top official overseeing the launch of its Libra cryptocurrency plans to tell U.S. lawmakers the company does not plan to launch the digital currency until regulatory concerns and approvals are “fully addressed.”
David Marcus, who oversees Facebook’s blockchain efforts, also plans to vow that Libra is not being built to compete with sovereign currencies or interfere with monetary policy.
“The Libra Association, which will manage the [Libra] Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena,” Marcus will say, according to prepared testimony posted by the Senate Banking Committee. “Monetary policy is properly the province of central banks.”
Reporting by Pete Schroeder