Facebook Libra: Five Democrats, led by House Financial Services Committee Chairman Maxine Walters, have sent a letter to Facebook asking for the Libra cryptocurrency project to stop immediately.
The letter argues that regulators will have to consider many different things, such as privacy, trade, national security and monetary policy concerns of Libra products, as "this is an entirely new global financial system based on in Switzerland and intended to compete with their monetary policy USA and the dollar".
The letter also claims that Facebook has not provided much information about its plans with this project.
"If products and services as they are improperly regulated and without adequate oversight, they could create systemic risks that would endanger US and global financial stability", The letter states.
These vulnerable σημεία θα μπορούσαν να αξιοποιηθούν και να συγκαλυφθούν από κακόβουλους users as well as other cryptocurrencies, exchanges, and wallets we have seen in the past. Regulators around the world have already expressed similar concerns, demonstrating the need for strong oversight.
"Given her troubled past company"I'm asking Facebook to agree to a moratorium before moving forward with any cryptocurrency development moves until Congress and regulators have had an opportunity to consider these issues and take action," Walters said.
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, to discuss the Libra project , the risks and benefits of cryptocurrency activities.
The company presented her plans for Facebook Libra on June 18, saying he plans to release the new digital currency 2020.
Libra cryptocurrency will be a Facebook world currency and can be used to buy products, send money abroad, or make donations. The social network is reportedly partnering with 27 partners to release the Libra, which is expected to be released alongside a new digital wallet that will work with Messenger and WhatsApp.
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