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Facebook’s new cryptocurrency Libra under fire, US Congress begins hearings

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Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.

Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

Trump tweeted last week that the new currency, Libra, “will have little standing or dependability.” Both Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell have expressed serious concerns recently that Libra could be used for illicit activity.