A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.
Libra, set to be launched next year, will let people make payments via Facebook's apps and WhatsApp.But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.Facebook said it looked forward to responding to policymakers' questions.
"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.
https://www.bbc.com/news/technology-48688359
Libra, set to be launched next year, will let people make payments via Facebook's apps and WhatsApp.But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.Facebook said it looked forward to responding to policymakers' questions.
"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.
https://www.bbc.com/news/technology-48688359
So there is a possibility, that Facebook coin will not push through, but we all know that Facebook is good at lobbying they can fast track this, I think this is good publicity for Facebook because they can prove that they are working within the boundaries of the law, in the end, Facebook will launch their coin eventually next year.
Yeah, I doubt they will not push through this. This could mean that their token won't be launched on due date and they may have to delay the launch date but they're good at what they do so I don't see how this could stretch for too long without some kind of resolution. I bet everything will change in few months. at the same time they're getting free publicity which is beneficial for them.
The government will issue new laws to allow facebook for doing this but of course will also favor the government. If they will not allow facebook, they may secretly do it anyway in the name of something else. Nothing can stop facebook now and cryptocurrencies. If only the government reacts to regulations faster, they wouldn't have to panic. They will not have to do this because US citizen are involve unlike in exchanges where US citizens are excluded.
