Personally, I don't think that far. Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things. So the government sent a letter to Facebook
It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem. 
Topic: US Government vs. Facebook Libra - page 2. (Read 943 times)
Facebook is being seen as a threat to the US government. Mark Zuckerberg already has too much power with Facebook and people's data. Giving him power to control cryptocurrency in Libra will threaten the US dollar
I think Libra coin will not threaten US dollars because Libra coins are backed up by fiat currencies such as dollars, euros and pounds. Precisely with Libra coin, the use of digital dollars will be more massive and reduce paper money transactions because every Libra coin is printed, dollars will also be printed to back it up
I really dont agree with Facebook venturing into the crypto space... but I think the world power are afraid.. this may lead to another form of non governmental uprising
Hard to say what's worse.. the governmental control or a cartel like this libra. Anyway it's good that they are fighting, to give more visibility to this subject. They can stop a centralized currency but not bitcoin.
Facebook is being seen as a threat to the US government. Mark Zuckerberg already has too much power with Facebook and people's data. Giving him power to control cryptocurrency in Libra will threaten the US dollar
People may be forced to dish the United states dollar if this is successful... but the question here is , how decentralized will this currency be ?? Knowing the history of Facebook
Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
I really dont agree with Facebook venturing into the crypto space... but I think the world power are afraid.. this may lead to another form of non governmental uprising What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
I think facebook must have done their homework in something like this and they wouldn't find anything wrong with it.
Governments job is to check these things out so of course they will have a meeting and see how it works out and how it will be made etc etc but in the end if Facebook has done everything they should have done and there is nothing illegal with it then they have nothing to fear, there is no scenario where government is not checking it out, even if it is by the book and everything is done legally they would have to check it in order to find if there is anything wrong and if they don't then they will just let them work on it. This is purely for show reasons so government can say that they did whatever they can and checked and found nothing wrong.
Governments job is to check these things out so of course they will have a meeting and see how it works out and how it will be made etc etc but in the end if Facebook has done everything they should have done and there is nothing illegal with it then they have nothing to fear, there is no scenario where government is not checking it out, even if it is by the book and everything is done legally they would have to check it in order to find if there is anything wrong and if they don't then they will just let them work on it. This is purely for show reasons so government can say that they did whatever they can and checked and found nothing wrong.
Personally, I don't think that far. Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things. So the government sent a letter to Facebook
It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem. From what Trump has mentioned, its obvious that it will not be easy for Facebook to launch and to get Libra worked.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.
I hope now the things are not in Facebook way, which the government will treat Libra coin as fake one. So Facebook libra will follow their rules and regulations, in order to launch the Facebook libra coin.
From what Trump has mentioned, its obvious that it will not be easy for Facebook to launch and to get Libra worked.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.
I think Facebook will eventually release Libra. Because the existing financial order is not easy to break. Facebook may eventually compromise to accept government regulation and control.
Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?
"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf
Trump already stated that if they want to be a bank they should apply to be one and to be under the government jurisdictions just like all the banks that's operating in the US soil, they do not want things to get out of hand this early and they want to stop any scenarios that can give Facebook a share of that monopoly.
Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.
I think Facebook can still survive without Libra if the US government is getting Libra nightmares. In addition, Libra is going to be in the market soon and people across the US will use it as well because the team management on the back of Libra has already discussed and made deals with the leading banks in the US. In addition, the government might not be too pressing to kill the coin. 
Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.
Yes, exactly, they are afraid that Facebook Libra will become something more than just a cryptocurrency. This is their greatest fear.
They are protecting their interest, they want to regulate Libra like many others and when they are the regulator no one is above them, not above the financial system that they created and I believe bank will always be the leading financial sector in the world.
I think this is basically US government saying of "if you are going to make money from money then we want a share of it", look at wall street, they are basically bribing the politicians to keep doing the shady business methods they have however at the same time they have to keep bribing them otherwise politicians will start to squeak and they will put regular regulations on top of the loose regulations there is and would make them lose a lot of money, that is why its both a bribe but blackmail at the same time.
Government wants the same from facebook as well, if they have enough money to build a whole network of money that can be transferred globally then they could simply afford to bribe their way into congress and other parts which would be expected of them to do .
Government wants the same from facebook as well, if they have enough money to build a whole network of money that can be transferred globally then they could simply afford to bribe their way into congress and other parts which would be expected of them to do .
Currency vs Crypto Currency wars starts here.
Trump is going to ban all crypto currencies because of facebook libra.
They already give some penalty for facebook and it will continue.
Trump is going to ban all crypto currencies because of facebook libra.
They already give some penalty for facebook and it will continue.
I think this is fear from the United States of the world financial changes, if Facebook succeeded in creating their tokens, the world's money circulation will experience inflation, which the US will experience a shock because many countries will escape their burden of dependence on US. I think Facebook must dare to take a stand by ignoring American legislators.
In my opinion, until now the United States government is still opposed to the discourse on Facebook Libra coins. however, Russia appreciates the Facebook Libra coin. therefore the discourse on the emergence of Libra coins is still the pros and cons.
Yes, we already know the pros and cons of this coin because of the big hype. US government are not just hare Facebook coi or Libra there’s a big hidden secret on that and right now we slowly feeling it. US President Donald Trump shockingly made a big comment about bitcoin and other cryptocurrency, they are slowly doing a black propaganda agaisnt the good future. 
In my opinion, until now the United States government is still opposed to the discourse on Facebook Libra coins. however, Russia appreciates the Facebook Libra coin. therefore the discourse on the emergence of Libra coins is still the pros and cons.
What is bad for United States is good for Russia.
If a Russian social media platform would get involved in crypto I doubt the Russian goverment would be as appreciative.
Oh wait, that already happened. Remember the Telegram TON ICO and the resulting crackdown?
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