Libra has only been public for a few days, but it has been enough time for regulators around the world to savage the project and schedule hearings. Jorn Lambert, executive vice president of digital solutions for Mastercard, said the project's objectives are aligned with the regulators' concerns.

If Libra becomes a major financial force, the stability of global finance is on the line.

The Facebook digital-currency unit has a logo nearly identical to that of the challenger bank Current, which has been around since 2015.

Facebook’s Libra shows technology companies are a far greater threat to a bank than other banks, argues Token.io’s Marten Nelson.

Readers weigh in on big tech companies walking away from OCC's fintech charter, House committee wanting Facebook to halt Libra, calls to stop Congress from delaying CECL, and more.

Community bank executives, payments officials and others said Libra faces an uphill battle amid heavy competition and regulatory scrutiny.

Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.

Facebook grabbed the spotlight this week with the announcement of its Libra cryptocurrency initiative, and its list of high-profile supporters suggests that it's the only game in town. But banks have their own projects in the works.

Many people still distrust banks, but many also look askance at the social media giant, making it an unlikely savior of the unbanked.

Facebook's Libra project didn't come from nowhere. The social network has a long history of experimenting with digital payments, and launched a separate (and ill-fated) digital currency a decade ago.