Bitcoin Forum

read the letter
https://financialservices.house.gov/uploadedfiles/07.02.2019_-_fb_ltr.pdf

Facebook will not stop the development of Libra for this request, Facebook isn't asking users to buy tokens as a way to raise an initial start up funds for a project, If Libra really is supposed to be means of payment within the Facebook ecosystem and other partner companies, the US goverment doesn't have a say.

Someone reported you. But I've read this news in a lot of crypto related websites. News says US congress seems Libra as a thread against USD. I don't think it can but some congressmen thinks like that.

I think the US government is afraid of Mark hijacking the whole crypto space, having dominated the social space with Facebook, whatsap and Instagram. Though it is unlikely libra will dominate the space as widely speculated. The US government understands it would be difficult to tax the crypto space and it acts as an avenue for a lot of shady deals and transactions. US is not wholly in support of crypto generally that is why a lot times US citizens are not allowed to participate in certain crypto sales and activities. A lot of reasons around this however

I do not think that the US government is so worried about Bitcoin. There must be completely different reasons. In my opinion, the United States is already too eager to subordinate the financial world system to its interests. Until now, I have not been an active supporter of the Libra coin, but such a statement, on the contrary, contributes to the fact that people will be very interested in this coin.

haha, will be interesting to know what will happen in near future, does facebook think they are smart? Seems they didn't imagine that there would be some issues with government. They will have to stop Libra project and all what they did will be waste of time, at least for a while because US won't accept that fact of facebook because otherwise other companies may do the same and things will go out of control.
There are some articles about that too, see this: https://cointelegraph.com/news/us-congress-requests-moratorium-on-facebooks-libra-stablecoin/amp

I thought that they are feeling worried to see what will be happening if people will realize if libra is more attractive compared with what have they called that as fiat money. But US will try to prevent anything that has a lot of potentials to become a threat for its system.

i cant reat a site with .gov :)

Someone said don't vote those congressman who opposes Libra, lol.

I agree that they are worried and anxious of the power of Facebook specially if they allow this kind of payment gateway. They could have total manipulations, meaning they can control everything now. And that is a scary to me, Facebook is big enough to play with our data, what more with our money?

donald trump tweeted "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...."
and he add
"....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National..."
"...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!"
Source : https://twitter.com/realDonaldTrump/status/1149472285905940480 (https://twitter.com/realDonaldTrump/status/1149472285905940480)

Facebook is not just a company. It's a huge economic and political power. US don't want to lose it but again don't want to risks it's hold in world money. The fiat system sponsored by US makes it easier for it to investigate it's people and people around the world while crypto not only could increase freedom of currency transfer but also would make IMF less powerful hence less significant.

       They have all the rights of demanding from Facebook since crypto currency is not legal in U.S.A , so I think they should to follow the U. S. Government because Facebook is a U. S. base site and they have a full control on this .

Maybe the US Government is now realizing or recognizing the impact of this technological revolution (blockchain technology) and fear any repercussions that might occur if cryptocurrencies go mainstream and could caught them off guard. I guess they are thinking that digital currencies might destabilize their economy and could be true once mainstream adoption has been achieve worldwide. LIBRA will be a test case for what will happen next in cryptoverse!

they don't want facebook to operate as bank for they will lose control over their economy. but while it won't hurt much to bitcoin, it will also affect us in terms of privacy incase you will use libra. somehow i can see facebook will eventually make us transact to their project. banks all over the world will probably want to go into their platform  as well.

not only the US but it's a threat for any fiat currency and bank for sure, it's a paradigm shift. they may become the biggest bank in the world and control most of the money transactions in a short period of time, due to the existing user base. it's not clear yet which services their wallet will provide, but that has a huge potential.

The USA government doesn’t know a lot of things. I think they’re scared of the cryptocurrencies and it’s unregulated nature. Pretty much anyone would be scared by things they don’t know. I think it’s going to take sometime for the govt to figure out how this works.
Importantly, it’s good to know they started.