19/06/19 05:00 UTC-4

US representative asks Facebook to introduce a "moratorium" on Libra development

CryptocurrencyThe USA asks Facebook to suspend Libra development
The USA asks Facebook to suspend Libra development

On June 18, Congresswoman Maxine Waters spoke at CNBC, asking Facebook to halt temporarily the development of the Libra cryptocurrency, which is to be released in 2020.


Libra Development

On June 18, Facebook opened the Libra payment network website. White paper of the cryptocurrency is already available for download; a test launch period has begun.

Interesting in the section: White Paper, as source of Bitcoin

After the launch of the site, users started an active discussion. What can this currency mean for Facebook users and crypto lovers?

Looks like it was a wake-up call for the US Congress. Representative Maxine Waters issued a statement calling for "a moratorium on any further development of cryptocurrency until Congress and regulatory bodies have the opportunity to study these issues and take action."

Representative also mentioned that it was time for the Congress to pay attention to the issues of cryptocurrency: "The cryptocurrency market currently lacks a clear legal and regulatory framework to provide reliable protection for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
risks that are posed by cryptocurrencies."

The statement ends with a proclamation that Facebook executives must also appear before the Committee to testify on these issues.

Rep. Waters was not the only one who expressed concern about the situation and the government. Senator Sherrod Brown posted his opinion on Twitter: "Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

Maxine Waters asks Facebook to suspend work on the Libra cryptocurrency. It seems that Facebook and its new cryptocurrency will lead to a lot of new rules in the United States, depending on what the regulators define.

Editor: Yuliya Soroka

See also: "Facebook has opened a website for its Libra cryptocurrency. Project Overview"

#UnitedStates #cryptocurrency #Libra #Facebook #blockchain



23/08/19 22:00 UTC-4

Out: Libra founders are preparing an "escape" from the project

​The Libra Association (the organization that should develop Facebook’s cryptocurrency) has 28 members. They include such giants as Visa and Uber. Now at least 3 members are trying to get out of the project because of criticism from regulators.