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.pdfMaybe the government has fear on it, because we all know how facebook itself dominates in the world in terms of business, then now they will be introducing a new stablecoin called libra, it could be possible and might be its a threat for US financial system, im not really sure, because libra is not yet out in the market this time.