US lawmakers challenge Facebook over project Libra cryptocurrency plan

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US lawmakers challenge Facebook over project Libra cryptocurrency plan

On Wednesday, the 17th of July 2019, US lawmakers had whacked a Facebook representative, David Marcus, CEO of Facebook’s blockchain program, Calibra, at a Senate panel hearing with a wave of unscrupulous questions over the social networking titan’s plan of introducing a new cryptocurrency Libra on June 18th, following which lawmakers from both home and abroad had expressed sheer concerns and criticisms regarding Facebook Inc.’s cryptocurrency project.

Aside from that, latest streak of steep criticisms on Libra came after a day, when senators of both Democratic and Republics had condemned the project, adding that the company could not provide sufficient proof that its latest cryptocurrency could be trusted.

In fact, Facebook Inc. had shocked policymakers across the world as beforementioned, when it had first announced that the social networking mogul had intent to launch a new crypto Libra as early as next year, spurring fear among the lawmakers that Facebook’s 2.38 billion users across the world would soon begin to cheer over the currency, that had no ties whatsoever with any recognized financial organizations likes of banks.

Besides, adding that Facebook’s digital wallet might destabilize other currencies across the world. the Chairwoman of the democrat-controlled House Financial Service Committee overseeing Facebook’s much-debated crypto issue, Maxime Waters said in her opening remarks, “I have serious concerns with Facebook’s plans to create a digital currency and digital wallet.

If Facebook’s plan comes into fruition, the company and its partners will yield immense economic power that could destabilize currencies”.