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Facebook’s plan to revolutionize how money works, and why companies and lawmakers are so worried about it, explained in 30 seconds

What's the problem?

David Marcus, head of Calibra, testifying at the House Financial Services Committee hearing on Libra in Washington, DC on July 17, 2019.
AP Photo/Andrew Harnik

Mark Zuckerberg told lawmakers in October that, "the idea behind Libra is that sending money should as easy and secure as sending a message." Libra, and digital wallet Calibra, could serve as a digital, financial architecture that brings banking to the underserved, according to Facebook.

Lawmakers are wary that a corporation wants to create a currency. Facebook CEO Mark Zuckerberg and head of Calibra David Marcus both testified before the US House Financial Services Committee in October and July, respectively, to answer this question.

"The committee questioned Zuckerberg on issues such as whether Facebook should be trusted to handle financial data, why Facebook wants to develop a new digital currency instead of using the dollar, how Facebook is working with regulators and lawmakers, and whether or not it's willing to shelve the project if necessary," Lisa Eadicicco wrote for Business Insider about the October hearing.