Facebook Defends Libra Token Ahead of Congressional Scrutiny

Facebook Inc., facing fury from skeptical lawmakers, sought to mitigate concerns that have been raised about its proposed cryptocurrency, stating that the token’s purpose is to create a secure and low-cost way for consumers to move money around the world.

“We understand that big ideas take time, that policy makers and others are raising questions, and that we can’t do this alone,” Facebook’s David Marcus wrote in the letter dated July 8. “We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”