U.S. lawmakers are moving to stop Facebook from launching Libra

Andrew Cummings
June 21, 2019

"It depends more on whether the regulations allow it", he added. She published the following statement on the matter soon after the unveiling of Libra.

Facebook has endured multiple scandals in recent years - from the Cambridge Analytica ordeal to other privacy concerns.

"And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass".

Chair of the House Financial Representatives Committee for Financial Services Maxine Waters said that Facebook should agree to postpone the project until the audit is complete.

Facebook reveals plans for its cryptocurrency Libra, formerly speculated to be called "GlobalCoin". In the State Duma of the Russian Federation, they said that Libra in the country would not only not be legalized, but would also restrict foreign sites through which it could be acquired. Sherrod Brown of Ohio. There have even been calls to halt work on the project until hearings are held.

On Tuesday, a Facebook representative said the company looked forward to answering lawmaker questions.

Given that Facebook is known to be a disruptor in several fields, the innovative, albeit sudden move by the company into the digital payments space has regulators anxious about potential misuse of this feature for money laundering around the world.

Calibra will be available in WhatsApp and Messenger and as a standalone app next year, Zuckerberg said.

But the company has said it will implement technologies to prevent fraud and money laundering.

"I am shocked they have made a decision to go ahead", he said. To one side of them there's the open source, borderless bitcoin growing in adoption every day and on the other is Facebook with their 2.3 billion users.

According to Kelly, the main difference between Libra and Bitcoin is that Libra is trying to be essentially digital fiat (although he used the term "digital dollar" because he was addressing mainly a USA audience) and so it has all the "characteristics" of traditional fiat currencies, whereas Bitcoin is "digital gold" (and it is "probably a lot better than gold") and unlike Libra does not need a trusted third party, and to him "trustlessness" is what makes crypto "revolutionary". Bloomberg reports France's finance minister said the idea of a Facebook coin was "out of the question". "We understand we will have to earn your trust".

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