Facebook Libra: command to stop the project

Facebook Libra: Five Democrats, led by the chairman of its Financial Services Committee ς Maxine Walters, απέστειλλαν στο Facebook μια επιστολή ζητώντας να σταματήσει άμεσα η ανάπτυξη του Libra project.

The letter argues that regulators will need to address a number of different issues, such as their privacy concerns, trade, national και τη νομισματική πολιτική των of Libra, as "it is a completely new global financial system based in Switzerland and intended to compete with US monetary policy and the dollar".

Facebook Libra

The letter also claims that Facebook has not provided much information about its plans with this project.

"If products and services such as these are inadequately regulated and without adequate supervision, they could create systemic risks that would jeopardize US and global financial stability", The letter states.

These could be exploited and disguised by malicious users as well as other cryptocurrencies, exchanges, and oops we've seen before. Regulators around the world have already expressed similar concerns, demonstrating the need for strong oversight.

"Given the company's troubled past, I urge Facebook to agree to a moratorium before proceeding with any move to develop cryptocurrency until Congress and regulators have the opportunity to address these issues and take action." , said Walters.

Walters will call a committee on July 17, called Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System, (Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the Financial System) to discuss the Libra project, the risks and benefits of cryptocurrency activities.

The company presented her plans for Facebook Libra on June 18, stating that it plans to launch the new digital currency on .

The Libra cryptocurrency will be a global Facebook currency, and can be used to buy products, send money across borders or make donations. The social network is reportedly working alongside 27 partners to launch Libra, which is expected to launch alongside a new digital wallet that will work with the and WhatsApp.

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Written by giorgos

George still wonders what he's doing here ...

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