In an Insight Report, prepared for Congress Members and
Committees, the Congressional Research Service ("CRS") highlighted possible benefits and risks
concerning Facebook's proposed virtual currency, Libra.
As previously covered, Facebook stated that the
goal behind Libra is to create a virtual currency that is stable,
built on an open-source blockchain, supported by a reserve of
financial assets (fiat currency and government securities) and
overseen by a group of entities who will become members of the
Libra Association.
In its review of a Libra Association white paper, CRS provided
several benefits that could come from the new initiative,
including:
