WASHINGTON: Facebook Inc is"delusional" to believe people will trust it with their money, a U.S. senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its plans for a digital currency at a hearing on Tuesday.
Brown added during questioning that he thought it was"delusional" to think individuals would trust the social media company with their"hard-earned" money. Concerns raised through questions included how the company plans to prevent money laundering through the new payment system, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated. Republicans shared some of these worries, but appeared less hostile, even after U.S. President Donald Trump and Treasury Secretary Steven Mnuchin voiced concerns over the past few days.
One former employee told Reuters the company tried to keep the project under wraps even internally - staff who were not involved knew little about it, not even that it was operating under the name Libra.
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