US Senator asks Mark Zuckerberg to share details of Crypto project

In addition to the king of the social media world, Facebook is about to enter the cryptography market, but this is becoming a serious concern for the US senator. The US Senate Banking Committee has issued an open letter asking Facebook to provide detailed information on its cryptography-based Balance project.

The violation of Facebook's privacy is the first concern of the Banking Committee in a letter to Facebook on May 9, 2019. According to the letter to Facebook's founder, president and CEO, Mark Zuckerberg, the Banking Committee spoke about Wall Street Journal article that was the first to report the payment system in lira based on a cryptocurrency. It was revealed that Facebook, by acquiring the rights to the "Libra" brand for its cryptocurrency project, would recruit dozens of financial companies and online merchants.

Nevertheless, it should be noted that the Banking Committee raised eyebrows on the following issues and asked Zuckerberg to respond.

1. How would this new cryptocurrency-based payment system work, and what steps have been taken with financial regulators to ensure that it meets all legal and regulatory requirements?
2. What are the consumer protections and the privacy of users in the new payment system?
3. What financial consumer information Facebook has received from a financial company?
4. To the extent that Facebook has received financial information from consumers of a financial company, what does Facebook do with this information and how does Facebook protect them?
5. Does Facebook share or sell consumer information (or information derived from consumer information) with unaffiliated third parties?

In addition to these issues, the Committee asked two other questions: whether Facebook has information about a person's creditworthiness / credit capacity and if so, how does Facebook ensure Does this information not be used in violation of the Fair Credit Reporting Act.

Given the main concerns mentioned above, the committee expects Zuckerberg to respond and inform the committee of Facebook Coin's status before anything related to the "Balance" project. Nevertheless, Facebook with more than 2.38 billion monthly active users is likely to entice more people to enter an era of cryptography – but – at the same time, the US Senate Committee wants to keep a close eye on the # Aspect of the privacy that Facebook should deal with.