Libra Hearings: Facebook: Digital currency will empower 'unbanked'

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The head of Facebook's digital currency project spent a second day on Capitol Hill facing American lawmakers. A day after testifying to the U.S. Senate, David Marcus told the House Financial Services Committee that Facebook "will take the time to get this right". CGTN's Giles Gibson reports.

Day two for Facebook's David Marcus as he pitches Libra to skeptical lawmakers in Washington.

Rep. Patrick McHenry: "What is a Libra?"

David Marcus: "Congressman, Libra is a digital currency—a reserve-backed digital currency."

Rep. Patrick McHenry: "Is that a security?"

David Marcus: "We don't believe it is, Congressman."

House Democrats are already working on draft legislation called the Keep Big Tech Out of Finance Act, which would do exactly what its title suggests. Republicans on the committee are taking a different tack, arguing for "thoughtful government oversight" that won't stifle innovation.

Facebook says its digital currency will empower billions of so-called "unbanked" people. David Marcus has now finished his two-day Congressional marathon, after a first grilling in the U.S. Senate on Tuesday.

SHERROD BROWN U.S. SENATOR "Chairman I wish we could trust Facebook. It's pretty clear there's almost nobody in this committee that does."

Senators scolded the Facebook executive for the company's sketchy record on protecting users' privacy as it pushes into the payments market. The tech giant is making that move as governments around the world scramble to figure out how to regulate cryptocurrencies.

PAUL KUPIEC AMERICAN ENTERPRISE INSTITUTE "Regulators haven't really come to terms yet with whether they really are willing to let cryptocurrencies exist as a form of money. There's a whole international set of understandings and frameworks that really have to be dealt with."

GILES GIBSON WASHINGTON "Facebook says it will launch its digital currency in 2020. That means the tech giant has until next year to build the platform and convince lawmakers here in Washington not to move against it. Giles Gibson, CGTN, Washington."