Is Facebook a bank? US lawmakers push for answers on Libra cryptocurrency

After surviving a two-day battering on Capitol Hill, now comes the hard part for Facebook Inc: turning its 12-page white paper into a legitimate cryptocurrency in the face of deep scepticism from central banks, regulators and politicians of all stripes.

David Marcus, the Facebook executive leading its blockchain efforts, spent much of his time at congressional hearings this week apologising for the past mistakes of his employer. When he wasn’t defending Facebook, Marcus tried to explain how Libra — the proposed currency — would actually work. He said repeatedly that he wants to work with Congress and regulators to get Libra off the ground, and has no plans to debut the new currency before regulatory bodies are satisfied.