- Facebook cryptocurrency Libra will not compete with sovereign currencies.
- "Monetary policy is properly the province of central banks," Marcus to tell the Congress.
A top official at Facebook, David Marcus is planning to inform the United States legislators that the social media giant has no plans of releasing Libra into the market until all the regulatory, as well as approvals, are “fully addressed.”
Marcus currently oversees Facebook’s blockchain activities will also let the Congress know that Libra is not being launched to be a competitor to sovereign currencies neither is it be interference to the monetary policy.
"The Libra Association, which will manage the [Libra] Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena," Marcus will say, according to prepared testimony posted by the Senate Banking Committee. "Monetary policy is properly the province of central banks."
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