Facebook vows Libra won't compete with government currencies

Facebook’s new cryptocurrency, Libra, won’t compete with sovereign notes such as the dollar, euro, and yen, a company executive said Monday, responding to growing concern from U.S. lawmakers and President Trump.

The Geneva-based consortium of 28 companies managing Libra, which will be backed by a basket of currencies including the greenback and the British pound, will work with the Federal Reserve and other central banks to ensure it doesn’t interfere with those currencies or monetary policy, David Marcus, head of the digital wallet Facebook is creating for Libra, said in written testimony.