Politicians have welcomed news of a regulatory crackdown on Libra, the global currency and payments initiative incubated at Facebook. Much of Capitol Hill's distrust for the initiative was on display Wednesday morning , as Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee. They may even harbor concerns about Big Tech firms with copious amounts of customer data becoming involved in financial services. Rep. Maxine Waters, Chairwoman of the House Financial Services Committee, called on Facebook to place a "moratorium" on the project. Existing mobile payments services are of little use to the unbanked, since they require a bank account or debit card.

Source: CNN October 23, 2019 16:18 UTC