US lawmaker: Facebook must delay Libra cryptocurrency

cabron

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Quote from: unusualfacts30 on July 04, 2019, 08:41:19 AM

Quote from: taguig on July 04, 2019, 08:01:42 AM

Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

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.

Coroline

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

it is absolutely right that a policy that must be made carefully and get approval from certain parties such as the government to legalize libra and I think that is very good because libra will be used by people worldwide if launche

unusualfacts30

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Quote from: taguig on July 04, 2019, 08:01:42 AM

Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

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.

taguig

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

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.

katerina5643

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hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the link.

Gabmot

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Though, many may see this as an hostile development from the ruling body against Facebook, it's needed afterall cos sooner or later, this same body can pose serious issues if all that is needed to settle now ain't done.

Reid

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Mark should start migrating his office to another country to prevent this from happening again. Grin

They will keep on holding them and make way for other stable coins that will be used. USDT is one.
If Mark will make it as stable coins then it will be like a competition which will bring down the usage of USDT.
I bet they wont like that since the name of the crypto currency Mark is making is different than what USDT had offered. Grin

BryanK

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I think that this information need a for of decency. The us government benefits from the fact that Facebook is the first to announce the release of cryptocurrency. Since it will give the opportunity to control a huge amount of money.

prehisto

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Usually I am against US lawmakers deciding on crypto related things just because they usually go with the oldschool views and do accomplish nothing.
This time I hope that they will strike down this project and wont let US citizens to participate in this next Facebook theft of our privacy .

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Quote from: CryptoLogo on June 21, 2019, 01:52:44 AM

My friends and I talked about something like that. I was sure that this would happen. The fact that the government will control everything connected with the creation of this coin was an obvious fact from the very beginning.

thats why a lot of people talk if this libra is a centralized crypto
so, just like a bank, someone or a group of people can control all transactions from this libra,, and thats seems not good for me

FanEagle

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Considering facebook is under investigation of selling sensitive data to political parties to be able to convince people to vote for them and help them find people they can convince all with the private data we share with facebook and they use it to make money, there is no way why we shouldn't be afraid of them having the control over a currency neither.

The lawmaker is absolutely right and there should be some sort of investigation over the coin and not even allowed because if it is allowed then they will be capable of using their data powers to make sure they are stealing more from people and this time around not just their votes but their money as well. In today's world someone with all the information is richer than someone with money but if someone has both they are unstoppable.

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Quote from: fortunecrypto on June 21, 2019, 10:49:31 AM

Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

It will boost the popularity of Cryptocurrency of course but the government of the US wants to see how it will impact all the people around the world with Facebook own token so we might see a delay may be one or two months depends on how Facebook's openness to being subjected to the scrutiny of their project.

The fact that faceboook already paused the development of its crypto. Facebook just like google and it was following all of the orders created by US lawmakers. Facebok is a US company and i thought that we will see libra after 2020.
US regulators are not even feeling funny to see libra.

katerina5643

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hi, guys!
i was really surprised with the news that facebook's gonna provide all people kinda general-purpose stable coin.
in my ind its really cool idea that will completely change world of cryptocurrency.
also recently i've read read related article. u can check it. https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

fortunecrypto

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

It will boost the popularity of Cryptocurrency of course but the government of the US wants to see how it will impact all the people around the world with Facebook own token so we might see a delay may be one or two months depends on how Facebook's openness to being subjected to the scrutiny of their project.

cabron

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There will be modification of the project when its going to be approved by the US government. If its already centralized from the start, its going to be more centralized this time as US is going to have another provisions to the project. They can do whatever they like about the project, but they may not be used by people looking for a decentralized projects.

katerina5643

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tbh its a very controversial news. on the one hand Global coin will be really easy to get, retain & use it. But on the other hand we dont know exactly about its safety and real purpose.
however, it seems to be good payment system.also u can read more information here https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

Yoshinoya

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Facebook diketahui telah merilis sebuah whitepaper untuk token Libra-nya kemarin. Stablecoin, yang nantinya akan beroperasi pada blockchain eponymous asli, dan akan didukung oleh sekeranjang aset cadangan “yang dirancang untuk memberikan nilai intrinsik” dan mengurangi fluktuasi volatilitas

Bttzed03

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The lawmaker could be right though. It will save Facebook a lot of trouble if in case the ruling is against them.

Quote from: dnpotter on June 19, 2019, 05:19:17 PM

It's astonishing how quickly regulators and officials are responding to Libra.

Because they are a well-known company? and as stated in the OP, they have a troubled history.

mirawantirinjana

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Even though this project is backgrounded by the king of social media, Facebook, but the government certainly knows the best in protecting the economy and its country. There must be a strong reason that the US Lawmaker suggested delaying the launch of Libra on the market.

CryptoLogo

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My friends and I talked about something like that. I was sure that this would happen. The fact that the government will control everything connected with the creation of this coin was an obvious fact from the very beginning.

franky1

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Quote from: eternalgloom on June 20, 2019, 05:20:58 AM

Well, they are going for the 'fiat stablecoin' approach, at least that's what I've read in each article about it.
Source: https://www.thestreet.com/video/how-facebook-libra-currency-works-14995914

still early. they may change their model.
the coding for the coin doesnt need to change, but just the method of purchase and the value/price.

EG facebook got away for years without needing loads of fiat handling licences by having their credits at xx:1 per $ instead of 1:1

so they can still do a fixed value thing. but just not fixed at 1:1.

anyway.. next step i see is a WVWII winklevi war 2, where zuckers starts a crypto ETF before the winkles

Ayobami99

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Personally, ever before the official announcement of Libra, when the rumours began, i have been of the opinion that Facebook should really focus on the privacy leakages and allegations levied against it. I am just satisfied that the US law MAkers are thinking in the same direction. Somethings are needed to be dealt with first before others

eternalgloom

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Quote from: franky1 on June 20, 2019, 05:04:57 AM

if libra is just an altcoin with swinging value. then us government cant do much.
but if libra is going to be fixed value / a stable coin of fiat value then the government will treat it as a CVC (convertable virtual currency) much like any other database balance measuring $

which facebook has tried to avoid having all the money service business licences by having its 'facebook credits' purchase be unlinked to fiat value.

facebook could see alot of licence filing state to state country to country if they try the 'fiat stablecoin' approach

Well, they are going for the 'fiat stablecoin' approach, at least that's what I've read in each article about it.

Source: https://www.thestreet.com/video/how-facebook-libra-currency-works-14995914

So yeah, it's not surprising to see that they're already under scrutiny by the US government.

franky1

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if libra is just an altcoin with swinging value. then us government cant do much.
but if libra is going to be fixed value / a stable coin of fiat value then the government will treat it as a CVC (convertable virtual currency) much like any other database balance measuring $

which facebook has tried to avoid having all the money service business licences by having its 'facebook credits' purchase be unlinked to fiat value.

facebook could see alot of licence filing state to state country to country if they try the 'fiat stablecoin' approach

uray

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.

"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.

They will listen to the US law makers and since it is a centralized coin they have to be worried if the authorities asked them to delay things because if facebook challenges the authorities the possibility of them being taken down in a relatively short period of time is really high and with that fear in mind, they will delay things.

aioc

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

This happens because Facebook is such a huge company online that could make an impact on billions of people worldwide, and they want Facebook to do the right thing, this is ok for me because of Facebook's past actions, but it will eventually approve, we all know Facebook is good lobbying.

dnpotter

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It's astonishing how quickly regulators and officials are responding to Libra.

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Quote from: squatter on June 19, 2019, 03:19:05 PM

Quote from: kryptqnick on June 19, 2019, 12:45:27 PM

Thankfully, the head of the Congress is a Democrat.

Democrats won't save us. It was a Democrat -- Congressman Brad Sherman -- who introduced a bill last month to ban people from using Bitcoin.

Don't be fooled into thinking any regulation is good regulation. I doubt Sherman's bill will go anywhere, but whatever legislation is passed, we can expect cryptocurrency users and investors to experience increasing restrictions and reporting requirements.

just wondering if they truly know what they are talking about? do they know the nature of cryptocurrencies? have they studied the benefits that a particular industry can extract from employing blockchain technology within their operations? i hope they meticulously did their homework before saying something negative towards cryptocurrencies.

Payme21

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This is a signal that this coin is sure going to have a lit of opposition come its launch but I have a feeling that its going achieve its set purpose because if the strong backup it's gathering

Furious 7

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I will not give a bad comment here. it is the authority of the US government and I hope Libra is an important note for every country that crypto is the future.
and in 2020 we have enjoyed other Libra and Crypto transactions easily.

squatter

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Quote from: kryptqnick on June 19, 2019, 12:45:27 PM

Thankfully, the head of the Congress is a Democrat.

Democrats won't save us. It was a Democrat -- Congressman Brad Sherman -- who introduced a bill last month to ban people from using Bitcoin.

Don't be fooled into thinking any regulation is good regulation. I doubt Sherman's bill will go anywhere, but whatever legislation is passed, we can expect cryptocurrency users and investors to experience increasing restrictions and reporting requirements.

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Facebook has started making bad decisions like former billionaire Anil Ambani.

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Quote from: Leh-Meh on June 19, 2019, 11:19:27 AM

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

Thankfully, the head of the Congress is a Democrat. I remember the talks from Democrats about developing the Bill of Rights on the Internet or something like that. This Bill is supposed to protect the privacy of users more than nowadays, set more serious requirements for websites that collect data from people, etc. I think this is also the reason they ask for the coin to be launched later. They want to make sure it's not another way of getting even more information about people's spending habits and using this information to lead people to buy stuff as well as for more serious purposes (Trump and Brexit were both the winners because of some elaborate context ad campaigning online). I hope they succeed.

hurry_hore

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A government should protect from anything they think will harm their country and also the people, I am not US citizen but in this case it is normal if US government protect themselves. Moreover US government now is led by a president character as like Mr Trump. Wrong government is a government that allow something harm their country just for their personal interest such as doing corruption and govern the state for personal benefit while harm the people.

betty11

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US government want to police everything including what will be of good to the financial system. Too many strict regulations and watch dog making projects deny US investors and exchanges restricting them from trading on their platforms.

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Quote from: BlackFor3st on June 19, 2019, 11:26:06 AM

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

In 2018, Facebook share price had fell -20% in one day. Facebook could have 400 million users only.

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Quote from: BlackFor3st on June 19, 2019, 11:26:06 AM

US are afraid of almost everything that gives freedom and because of it they want to either stop the launch of Libra coin or delay it in order to lessen the people who adapt in crypto currency.

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

The fast they accept this the better for them. They have succeeded in making their citizens a punching bag when it comes to benefiting from things that other countries are widely accepting. They always want to be in control everything but yet they have many lawmakers that are slowpokes. I have seen many of their citizen complaining about the currency binance banning and stoping US citizen that are already using or intend to use the platform for crypto trading. Instead of them to quickly make libra an avenue to successfully and positively help their country, they want it to be delayed.

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US are afraid of almost everything that gives freedom and because of it they want to either stop the launch of Libra coin or delay it in order to lessen the people who adapt in crypto currency.

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

Leh-Meh

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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

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