Bitcoin's price dropped on Wednesday to its lowest level against the dollar...
FILE PHOTO: A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district, U.S. on July 28, 2015. REUTERS/Brendan McDermid/File Photo
Appearing before the U.S. House of Representatives Financial Services Committee, Zuckerberg admitted that he did not know if Libra would work. But he sought to reassure lawmakers that Facebook would not back any move by the crypto project, which comprises a consortium of 21 members including venture capital firms and nonprofits, to launch the digital currency until it had satisfied all U.S. regulatory concerns.
Libra is intended to be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. The structure is intended to foster trust and stabilize the price. Aside from concerns about Libra, Charles Hayter, chief executive officer of CryptoCompare also pointed out that after an early upswing in the year that galvanized prices in the crypto sector, “we have seen weakening volumes and regulatory tightening from a number of jurisdictions.”
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