Facebook Defends Libra In US Senate, Reveals No Plans About India

The social media giant Facebook is in the coming altcoin news again. Following the hearing and the concerns by lawmakers in Washington DC about its new cryptocurrency project, we can see that Facebook defends Libra but has no plans for India for now.

In a letter sent to the Committee on Banking, Housing, and Urban Affairs of the US Senate dated on July 8, the company has tried to justify the Libra coin. Facebook defends Libra by saying that it will benefit consumers and that it welcomes feedback from “governments, central banks, regulators, non-profits, and other stakeholders.”

The co-creator of Libra and the Vice President of Messaging Products, David Marcus, addressed the concerns and wrote:

“We understand that big ideas take time, that policy makers and others are raising questions, and that we can’t do this alone.”

Marcus also noted that the role of governments and central banks with the new stablecoin will be “appropriate.” With this, he showed that Facebook defends Libra and that the company already applied for money transmitter licenses in several US states.

As we reported in our latest cryptocurrency news, US lawmakers have expressed a desire for Facebook to stop Libra, saying that they want the company to cease “momentum going forward” with regards to the project. Some of the most vocal politicians have been the California Democrat and Chairwoman of the House Financial Services Committee, Maxine Waters, as well as the Ohio Democratic senator Sherrod Brown. All of them addressed their concerns on how Facebook can be trusted to secure financial data if it cannot even safeguard its users’ personal information.

Meanwhile, as Facebook defends Libra, it also said that there are no plans to enter the Indian market. The company wrote an emailed statement to Bloomberg, stating:

“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”

Another Facebook spokesman named Alexandru Voica told Bloomberg that “Calibra will respect the legislation, but we are looking to work with regulators to see if the legislation can be updated.”