Congress Representative Wants Facebook to Put a Hold on Cryptocurrency Plans

EU vs. Facebook

Facebook is calling its cryptocurrency Libra. The Chinese internet giant created its digital QQ coin back in 2002 and it now operates WeChat Pay, one of the largest mobile wallets in China.

The US Senate has set a date of July 19 to hear testimony on Facebook's crytocurrency project Libra following concerns that the company has had previous issues in the past.

CEO of Facebook, Mark Zuckerberg said in a post that the new digital currency will be accompanied with the launch of independent subsidiary, Calibra, a digital wallet that lets you send, spend, and save Libra. But he underscored that the Fed's role in global regulatory groups, which may suggest that the USA central bank may have the influence on any regulations for Facebook's Libra debut.

The Chairwoman of the House Financial Services Committee, Maxine Waters, is alarmed by the prospect of a massive company with a patchy track record when it comes to data protection and censorship having control of a global currency.

Why is Facebook helping create a new cryptocurrency?

The social network has partnered with 28 organisations - including Visa, Mastercard, PayU and Uber - that will accept the virtual currency, which will be available on WhatsApp and Facebook Messenger.

Facebook's move into the financial sector was met with immediate criticism from US lawmakers and regulators around the world, considering the company's history of failing to protect users' data and privacy.

"It is incumbent upon us as policymakers to understand Project Libra".

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On Tuesday, a Facebook representative said the company looked forward to answering lawmaker questions.

Meanwhile, the 1.7 billion people who lack a bank account might choose whoever offers them a financial services alternative as their online identity provider too.

Calibra, the custodial wallet for the Libra cryptocurrency to be unveiled next year, will not be available in India, according to a person directly in the know, as current regulations do not permit use of the banking network for blockchain currency transactions.

Before Tuesday's announcement, Facebook was already facing significant backlash over mishandling user data and not doing enough to prevent Russian interference in the 2016 USA presidential election.

US Senator Sherrod Brown, who sits on the Senate Banking Committee, said he thought Facebook had become "too big and too powerful".

In contrast, Federal Reserve Chairman Jerome Powell recently stated that he believes cryptocurrencies are still some way from impacting monetary policy.

Some super wealthy people who control large corporations came up with a system independent of governments that they say will benefit poor people, and its objective is to move money around the globe.

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