Facebook’s digital coin Libra to be backlashed by regulatory gauntlets

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Facebook’s digital coin Libra to be backlashed by regulatory gauntlets

World’s No. 1 social networking service provider, Facebook Inc.’s latest move of launching a new digital currency, Libra, which had added an unprecedented bullish bias over the cryptocurrency market, lifting the original crypto, Bitcoin about 100% higher in a week or so, would likely to be hit hard with regulatory hurdles all over the world, at least a dozen of people with experience in financial regulation, financial technology, cryptocurrency payments and ICOs had said on Saturday, the 29th of June 2019.

Since the social networking titan’s unveiling of its digital currency, project Libra, financial regulators across the world had criticized the move and contemplated the move as a latest attempt to bypass traditional financial services alongside supervising authorities to reach a service to the customers.

Besides, a hearing panel of US senators had asked Facebook Inc. to cease all of its activity related to its Digital coin, Libra, until it receives a go-ahead signal from the regulators. Meanwhile, US lawmakers and financial regulators across the world had put an immediate crackdown on Libra, who had already remained concerned that Facebook went too massive and became careless with users’ privacy which gave rise to multiple political meddling of Facebook Inc.

whether the company wanted it or not. In fact, at the stage of latest G20 summit in the Japanese city of Osaka, Chair of Financial Stability Board, Randal Quarles, who coordinates financial regulations for G20 nations, had warned this week that a wider use of crypto-related assets was required heavy scrutiny by global regulators.