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The US Banking Committee Senate Seeks Information On Facebook’s Cryptocurrency Project

BFSI News

The_US-Banking-Committee-Senate-Seeks-Information-On-Facebook’s-Cryptocurrency-Project The US Banking Committee Senate Seeks Information On Facebook’s Cryptocurrency ProjectThe United States Committee on Banking, Housing, and Urban Affairs Senate is seeking information on social network giant Facebook’s reported cryptocurrency project. Addressed its concerns to Facebook founder and CEO Mark Zuckerberg in a letter on 9th May, the Senate, in a series of questions, highlights certain aspects of consumer protection, asking Zuckerberg how the company plans to protect consumer financial information. The committee also asks Facebook CEO whether Facebook shares or sells consumer information with unaffiliated third parties.

Moreover, the committee further asks whether Facebook has any information on individuals’ credit standing, credit capacity, creditworthiness or information that could affect their ability to secure credit. The committee wrote an open letter to Facebook, asking him to share details about its secret cryptocurrency project, with a particular focus on consumer privacy. The letter says that “Last year, Facebook asked U.S. banks to share detailed financial information about consumers. “In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”

In December 2018, the first rumors over Facebook Coin surfaced when a report comes on that which reported that Facebook was making a token for use on WhatsApp for the remittances market in India. In February, it was also reported that the token would be working on multiple platforms, including Facebook itself and Instagram. As per the reports, the social network giant seeks to USD1 billion in investments for the token project from major payment networks.