U. S. Senate’s  Committee on Banking, Housing, and urban Affairs is seeking info on Facebook’s reported cryptocurrency project. The committee addressed its concerns to Facebook founder and chief executive officer Mark Zuckerberg in a very letter on may 9.

In a series of queries, the Senate highlights sure aspects of consumer protection, asking Zuckerberg how the corporate plans to protect shopper monetary info. The committee additionally asks Zuckerberg whether or not Facebook shares or sells consumer data with unaffiliated third parties.

The social media giant becomes involved in controversy last year, once it became the topic of many scandals encompassing user information privacy. In Apr 2018, Zuckerberg himself testified before Congress concerning the firm’s practices. Canadian legislators have additionally known as on Zuckerberg to testify, when it absolutely was found that Facebook violated the country’s privacy laws.

The committee any asks whether or not Facebook has any data on individuals’ credit standing, credit capability, creditworthiness or data that might have an effect on their ability to secure credit.

Rumors of a “Facebook Coin” surfaced in Dec 2018 following a Bloomberg report, that expressed that Facebook was creating a token to be used on WhatsApp for the remittances market in India.

In Feb, the New York Times reported that the token would be usable on multiple platforms, together with Facebook itself and Instagram. Anonymous sources further expressed that the token would seemingly be a stablecoin pegged to a fiat currency.

Facebook is apparently looking for $1 billion in speculations for the token task from significant installment systems Visa and MasterCard.

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