Facebook Inc’s top official overseeing the launch of its Libra crypto currency plans to tell U.S. lawmakers the company will not launch the digital currency until regulatory concerns and approvals are fully addressed.
David Marcus, who oversees Facebook’s block chain 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.”
And also it will fully expect to comply with anti-money laundering and Bank Secrecy Act rules.
Marcus is scheduled to testify on Tuesday and Wednesday before congressional committees overseeing financial issues where several members have suggested the product be barred.
The association is also in preliminary talks with the Swiss Financial Markets Supervisory Authority on “an appropriate regulatory framework.”