The Latest: Facebook addresses criminal activity with Libra

WASHINGTON: The Latest on congressional hearings on the reach of big tech (all times local): 11:25 a.m.

A Facebook executive says digital transactions such as those with the company’s upcoming Libra currency will be better than cash in guarding against criminal activities.

Facebook’s David Marcus was responding to Sen. Catherine Cortez Masto, a Nevada Democrat who asked how the company will guard against money laundering and make sure terrorists don’t use its currency to finance their activity.

Marcus says cash transactions are where most crime currently happens. He says “it will be better” if a lot of transactions move to digital. He says that people who use Libra through Facebook’s upcoming Calibra wallet will have to upload a government ID for verification.