On June 18, 2019, Facebook unveiled plans for a digital currency
called Libra, which the company hopes will "transform the
global economy" by offering an alternative to cash, bank
transfers, and credit card transactions. The new cryptocurrency
will be governed by the Libra Association, a nonprofit,
Switzerland-based organization that currently has 28 partners.
Facebook also announced the creation of a digital wallet known as
Calibra, for use in saving, spending and transmitting the Libra
currency.
The Libra/Calibra project has triggered bipartisan anxiety,
culminating in two recent congressional hearings – a July 16
Senate Banking, Housing and Urban Affairs Committee hearing and a
July 17 House Financial Services Committee hearing. During these
hearings, lawmakers repeatedly raised questions about why consumers
should put their trust – and cash – in the Facebook-led
cryptocurrency given the social media giant's spate of privacy
and election-meddling troubles. In
