David Marcus, head of Calibra, attempted to dispel concerns about Libra during Tuesday’s hearing before the US Senate Banking Committee. In the hearing speech, Marcus shed more light on the general direction Libra was taking, regarding its legal status and approach to privacy.
Regarding the potential for Libra to become a private currency and compete with sovereign monetary policy by creating a secondary economy, Marcus stated this will not be the case:
“It [the Libra Association] will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy. Monetary policy i...