Last month social networking giant Facebook announced it was launching its own cryptocurrency called Libra, now US lawmakers have alsked Facebook to halt the launch of the current.
The US House Financial Services Committee which is led by Maxine Waters wants to look into any risks there may be with the currency to global financial markets, cyber security and also national security.
Facebook were sent a letter by the committee asking the company to put a hold on their plans, you cn see an excerpt from the letter below.
“We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra — its proposed cryptocurrency and Calibra — its proposed digital wallet,” the committee wrote. “It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intends to rival US monetary currency and the dollar. This raises serious privacy, trading, national security and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers and the global economy.”
Facebook previously said that their cryptocurrency will be regulated like any other payment service, although there are still concerns about it. It will be interesting to see the official response from Facebook.
Source Engadget
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