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.pdfTrump 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.