US Congress Requests Moratorium on Facebook’s Libra Stablecoin
The United States House of Representatives Committee on Financial Services requested Facebook and its partners to stop the development of the Libra stablecoin.
In a July 2 letter addressed to Facebook CEOs Mark Zuckerberg and David Marcus, and COO Sheryl Sandberg, the lawmakers request that Facebook and its partners immediately agree to a moratorium on the development of Libra and its dedicated Calibra wallet.
The committee claims that the project may lead to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. The committee notes that it believes such an endeavor could have serious implications:
This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy.
https://cointelegraph.com/news/us-congress-requests-moratorium-on-facebooks-libra-stablecoin
In a July 2 letter addressed to Facebook CEOs Mark Zuckerberg and David Marcus, and COO Sheryl Sandberg, the lawmakers request that Facebook and its partners immediately agree to a moratorium on the development of Libra and its dedicated Calibra wallet.
The committee claims that the project may lead to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. The committee notes that it believes such an endeavor could have serious implications:
This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy.
https://cointelegraph.com/news/us-congress-requests-moratorium-on-facebooks-libra-stablecoin