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The US Senate Committee on Banking, Housing and Urban Affairs is seeking information on the cryptocurrency project reported by Facebook. The committee shared its concerns with Facebook founder and CEO Mark Zuckerberg in a letter of May 9th.
In a series of questions, the Senate highlighted some aspects of consumer protection, asking Zuckerberg how the company was planning to protect consumers' financial information. The committee also asks Zuckerberg if Facebook shares or sells information to consumers with unaffiliated third parties.
The social media giant was plunged into controversy last year when it was the subject of several scandals surrounding the privacy of users' data. In April 2018, Zuckerberg himself testified before Congress about the company's practices. Canadian lawmakers also called Zuckerberg to testify after it was found that Facebook had violated the country's privacy laws.
The committee also asks whether Facebook has information on people's creditworthiness, credit capacity, creditworthiness or information that could affect their ability to obtain credit.
Rumors of a "Facebook coin" surfaced in December 2018 as a result of a Bloomberg report, according to which Facebook was in the process of creating a token to be used on WhatsApp for the mailing market of funds in India.
In February, the New York Times announced that the token would be usable on multiple platforms, including Facebook and Instagram. Unidentified sources further stated that the token would likely be a stable currency indexed to a fiduciary currency.
It looks like Facebook is looking for $ 1 billion worth of investments in the chip project from major Visa and MasterCard payment networks.
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