Bitcoin Forum

The US Senate banking committee wrote a letter to facebook questioning about the nature and legality of it's cryptocurrency project code named Libra.
https://www.banking.senate.gov/imo/media/doc/5.9.19%20Facebook%20Letter.pdf

They essentially asked whether it would enable users to have privacy and would make it harder for the government to monitor every personal and financial moves of people in the US and around the world.

And what is the meaning of their cryptocurrency, if the user data will be revealed? They could pay the user and in dollars, euros. On the cryptocurrency want to raise their capital all.

That is very unproffesional things that US senate that done. They are not a rights to questioned the facebook's decision as long as facebook did not perform activity that violate law in using and with dealing in a cryprto world. The answer in to the senate question is veru simple. Because facebook was already see the worth and value of crypto that can change every people's life.

Fair questions, even though the government has clearly different concerns than I do. Facebook is not known as a company fighting for decentralization or privacy. I also wonder what they want to achieve with a (decentralized?) cryptocurrency. Facebook could simply implement a centralized payment option in any currency (Dollar, Euro, Facebook fanstasy token, whatever) which probably can achieve the same things for their purposes.

Even if they have a "real" cryptocurrency, they will never give up their control over it in terms of payment processing (mining), privacy and code. To me it seems like Facebook it only following the hype and wants to put in "buzzwords".

It will be easier for me to pay for my ads on Facebook than using my debit card, with sometimes having restrictions from my bank and paying more than acceptable charges as compared with cryptocurrency charges. Facebook stable coin won't be anonymous I guess, so things can be be tracked and audited.

I agree that there is no concern about this. I am sure that if this is realized, the use of advertising will increase, because of the ease of transaction and transparency. this will be the next stable coin and many people benefit from these coins throughout the world.

Facebook is a well popular social media and it will be reasonable if they implement crypto in there system for users ,how is this hard for them to understand???the only thing I'm worried about is Facebook is full of scammers ,I don't know what will happen after the implementation of crypto

just take the positive things from this news
wich mean if facebook really create their own cryptocurrencies, this will become a free promotions for cryptocurrencies, especially for bitcoin and altcoins with huge potential my friend

These are good questions coming from the US government, they know that Facebook coin will have a huge impact on society, this is not just another project with a coin, this will create a massive promotion on cryptocurrency, and the government knows that cryptocurrency is decentralized, we'll see what's going to happen.

Senators should know that if a centralized platform like facebook in entering crypto it is like controlling crypto so the senators should not worry about it rather they should be satisfied that they will have control and know who is sending whom and why the money within the fb platform.

The ones questioning are probably the old guys, they have no idea what the modern technology can do, even the CEO of google had a hard time answering questions because the old guys can't understand his answer.

How it will be harder for the government to monitor personal and other moves blockchain all about transparency no were they mentioned they are going to introduce privacy coin or ananymous coin . Still people doesn’t understand crypto currency and blockchain

Well I think Facebook should give them a candid explanation on what and how their proposed token was going to work and why they needed it. As long as the US Senate are not asking out of arrogance

So the government is now really afraid of cryptocurrency as something that they can't audit, track and of course control. And now that Facebook has big plans to go into cryptocurrency and might be integrating this to their operation not just in Facebook but also with other platforms it is controlling, some people in the government are concerned. I am not actually wondering why. But of course, we know that Facebook is just following the trend and they are expecting that cryptocurrency can do more wonders for their overall business and revenues. Whether the entrance of Facebook into cryptocurrency can be positive to the industry, this remains to be seen. It would be intriguing how Mark and his team can handle this inquiry.

I also think they want to control more the money and maybe they not like, but maybe they will finally let Facebook to create own crypto coin after Facebook say for what they want to use it.

For Facebook, this is probably another way to make money using the advantages of a cryptocurrency. And the government is interested in total control over the actions of users. Let's see how this will end, although the result is likely to be predictable after Mark’s first call to where it should be.

Though the PDF contains a bit of different set of questions, your deduction are easier to understand. I'm a crypto enthusiastic but also believes that it should have full support from the authorities. The nature of crypto that troubles our establishment should be modified for the greater good.

As a Centralized company, facebook will likely not make the mistakes of creating something that cannot be monitored or controlled by government. This is why I am skeptical about a Facebook coin that's based on immutable public blockchain.

I think they are creating a fiat currency on blockchain.

Facebook is the main assistant to the government in the transfer of personal data of users. Any Facebook-related cryptocurrency will follow these same principles.

Hahaha, some people are now getting scared, I have a very good feeling that in few years to come, the government will seize to exist, because the only way the government can control the people is to control the finance, and once we get to a level where everyone could control their own finances without the need of the government,  then the government will become obsolete, this is why they are so scared and will do anything possible to avoid mass adoption of crypto, but I don't think Crypto is something any government of the world could fight even if they come together as one.

Why  do they want to know? Is Facebook answering to u.s ? I don't get it ,Facebook is the most popular social media on the whole planet if the CEO decides to implement crypto then its his call ,he must have seen a potential in crypto

Government are just afraid that bitcoin will accepted by the community and the users of facebook. Facebook can lead to a massive adoption of cryptocurrency that's why they are questioning it. Me, personally I am waiting for the facebook to promote cryptocurrency in the future.

haha, not a chance.
as an information gathering source, Facebook is not going to add any sort of privacy to their token. it will be exact same as their platform, Paypal and any other centralized service void of any privacy.
specially when you consider the fact that Facebook is a company in US you can see that there is no chance in hell they are going to add any shred of privacy to their token. they want to gather more information and sell it to the 3 letter agencies.

That is the trendiest question in almost everyone’s mind who’s in the politics or deals with the monetary policy or is in the Federal Reserve. But an entrepreneur would not do anything but for money and maybe Mark wants to be part of the growing trillion dollar business which might be the reason behind the idea of FBCoin. I think he should do it.

It will be very interesting to follow on how the Facebook will counter this questions. I would be love to hear also that Facebook crypto currency project will have a privacy even if the US senators will oppose to it so we can fully enjoy our freedom.

If it will happen, I am pretty sure that their project will become successful and will have plenty of investors and also users. But I am wondering also if what will be the next move of US senate if Facebook will give us privacy.

i am looking forward to the answer from facebook, but i am surprised that facebook has to make a statement about his new crypto. certainly it is because facebook is so big and therefore certainly influences.

Questions questions! I wonder how come suddenly the US government is interested in cryptocurrency...are they afraid of the blockchain power?? ::)

Well this is one issue that will attract more trouble for Facebook. The Government constantly yearn to control the affairs of the people.. They already have access and keep track of internet presence. If facebook succumbs to the plot of the senators to avail transactional details to the U.S government, the Facebook coin will be a sharp derailment from satoshi vision for the use of blockchain technology.. I hope Mark Zuckerberg stands up to them and give private information regarding transactions private..

With the interview of those officials that I've watched to Mark Zuckerberg, I still think that they don't understand the whole concept of facebook gathering data and storing it for monetization.

I don't think it's really about blockchain but it's all about crypto itself and the monetary benefit that it can contribute to the state.

I think this is not only following the trend but a kind of need and pressure from the user as well as a mark to see this is a good opportunity to increase company income. Facebook does not want to miss their best moment to adopt blockchain technology as the best discovery today.
we just wait.

Facebook is perhaps the biggest social media globally which actually originated from USA and I think the us senate is concerned about the adoption of Crypto by Facebook because of her citizens and their major job is to legislate for better life of all Americans hence they'll be worried if Facebook is adopting blockchain technology because its prone to scam and they want Americans protected

I believe the government is more concerned about control and monitoring of citizens monetary affairs. I hope Facebook coin will not limit their Influence and also lute them to the positives of the crypto industry and why it should be adopted by the government too

LOL, finally government has fully opened up to why they are skeptical about the adoption of cryptocurrency. This has always been their fear; they don’t want to lose the control they have over the finance of their citizens. Government are really selfish, and for those who has been asking why satoshi is not showing his face, do we now have a clue to why life might be difficult for him if his identity his to be known.

Well, I don’t expect Facebook to tell them yes, and at the same time, Mark too will not do anything that will make him have issues with government, that is why I don’t believe that Facebook involvement in cryptocurrency will fully be a decentralized one.

They are like that, they want their nose in almost all the business, and since Facebook is a huge company they want to know if they can still control Facebook with their laws and if they are still compliant with their existing laws, they want to monitor because if they cannot monitor they cannot tax them.

That is why government will still have little issue with Facebook because of the charges that will be reduced with the introduction of their coin which is to be used internally by its users. Sometimes, to even get to use ones credit card on Facebook could be a difficult thing as we have so many restriction on it.

If they succeed in releasing their coin without the interference of government, I believe that this will really make the cryptocurrency market boom this year, many of its user will through this know what cryptocurrency  and blockchain technology is all about, so now, we don’t need government regulation or adoption for people to adopt the use of cryptocurrency.

Government should give breathing space to facebook and also other blockchain start up, the only aspect i feel government is needed is regulatory area to protect all players.

They are the government and I think facebook is operating in the US so it's under their jurisdiction.
Facebook have some scandal in the past, so these senators are just trying to educate themselves on the nature of crypto coin that facebook will create.

They are just trying to protect us of course since we know the past incidents on Facebook. There's nothing to worry about if Facebook can depend their crypto, this is what we call regulations. I'm sure government of USA are not against this one, they just need an answer for this one. Privacy is important in cryptomarket and facebook should enhance that, but KYC will soon a big deal in the market.

It is so simple, they want to avoid paying taxes all over the world and want to have one central coin that they are responsible for and pay taxes for. Since they would be the only place that buys and sells that coin (exchanges doesn't matter, that is p2p trade, the real source is facebook) they will be capable of offering their own coin for ads and games and everything else which would really help them have only one coin and that way they will only pay taxes wherever they want as their headquarters (last heard it was Dublin now?) so they can avoid paying taxes.

USA has a ton of taxes for that type of big companies and if they can save up even 5% of their taxes that comes to huge profits, if they save up to 50%+ then they would become so rich they can invest that money into newer companies and acquisitions.

It is normal for the US senator committee to ask about that information to get clear clarification. We know that Facebook is a big company or social media involving millions people around the world. With the clear explanation of the reasons, including the concept of that cryptocurrency (Libra), the security, future, and also team, I'm sure that it will be accepted.

The US senate does want to know what Facebook's intentions are for its new crypto currency project which is still shrouded in mystery, but there are hints that it may be considering to use it as a form of payments for its members and to potentially incentivize use of its services and if it's successful then this will be a huge boon for cryptocurrency adoption as millions of people will be able to utilize these types of technologies

of course, Facebook is a big fish they have not done it on other coins, they want to know since cryptocurrency is anonymous if they can still trace people purchase on Facebook services and products or it might avoid the IRS, judging from this, they want to protect the government income.

      Facebook has the rights to expand their services to the users and U.S. senate has have the rights also to know and inquire all activities under their jurisdiction for the welfare of their people, so I think there's no big deal about this issue.

What the hell is that question for? Cryptocurrency is created to fully have a free transaction and gain some transparency. Yes it can be monitor but by the Government watching it is like someome can rob you anytime. I like the concept of privacy coin which secure fully the transactions of all users. This is kinda suspicious but the asset of everyone is safe and hidden from those scammer eyes. If Facebook launching a centralized coin then there is no difference between big projects such as xrp. Come on, bank will only seize the opportunity to create fees and ask you for such payment. Imagine if cryptocurrency is regulated by government. Regulation is good but by Government authority? I dont think so!