Facebook coin Libra already targeted by US government

[Docbee]

It's not a good sign for libra coin, US want to end the coin before its arrival, it's higt time US set the rule straight, so that new project won't have issue entering space.

[1715268038]

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[Dpat]

The Facebook Libracoin is now a big buzz all over the worlds' crypto enthusiast. This also officially announced by the FB if not fully but partially ant yet to be finalised when the coin sale will begin. The US Govt. can be backed by it's dollar for this most anticipated Libra Coin by FB.

[killat]

It's not crypto currency in the common sense, more like a hybrid of crypto/online wallet/credit card - unified irreversible online payment solution; no mining, no appreciation/volatility, probably pegged to USD with fixed reserves for stability, public transaction ledger & KYC banking regs. Not good for privacy.

Integrating with FB, Messenger, IG, WhatsApp and maybe some others will join so 2B+ potential user pool, could really get some traction like nothing we've seen before. I'm not quite sure exactly why Visa, Mastercard & PayPal are on board with this since it's kind of a competitor to all of them unless they're all going to be partial owners.

[cahbagus555]

We know cryptocurrency can't regulate even some government in different country against in this like US government and if facebook launch their own coin then crypto will grow so that's why this is target by US government like they want to stop this until this turn really popular like we know facebook can turn crypto grow or spread worldwide

I think the government can regulate cryptocurrency, even forbid transactions like what happened in India. But I think Facebook has a lawyer who can find legal and regulatory loopholes in USA

[TheClownSong]

It's not a good sign for libra coin, US want to end the coin before its arrival, it's higt time US set the rule straight, so that new project won't have issue entering space.

Facebook is a large company with lots of resources. I think Facebook will find a way out of government regulation and continue to implement plans to issue Libra Coin. Indeed, the US Government always gives a limit so that the US Dollar is not disturbed but amid technological developments, it is difficult to prevent cryptocurrency

[Herbert2020]

that is what happens when centralization is involved. it becomes so easy to shut them down. and what Facebook is doing is practically printing money which is illegal in many countries and in others the government doesn't look kindly at it.
the only reason why they haven't done anything about bitcoin is that it is decentralized so they know they can't do anything about it and also they see it as a commodity not money.

[celot]

I heard last update information will be launch of whitepaper of libra, but other news talk about libra will faced many trouble with their coin project, maybe you have waiting when will be release to public.

[aioc]

This is going to be their biggest hurdle, we might not see Facebook coin's launching if they cannot pass this hurdle, I agree with the US government on investigating Facebook's plan to launch their won coins because of their past actions about the data breach, I think this  Facebook coin is going to be heavily regulated.

[Baofeng]

It looks like Libra coins has open the pandora's box,

France creates G7 cryptocurrency task force as Facebook's Libra unsettles governments

PARIS (Reuters) - France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday.

https://www.reuters.com/article/us-facebook-crypto-france/france-creating-g7-cryptocurrency-taskforce-says-central-banker-idUSKCN1TM0SO

Libra has attracted so much attention that G7 are on also feeling nervous about the said coin. So they will have their own task force to look at how crypto's will have a net impact specially in terms of money laundering or everything related to the 'bad' connotation that crypto has.

[monalia]

Sec commission hardly putting their effort to reduce the scams and unwanted money laundering happening over the cryptocurrency. That is the reason we have found many rules and regulations to operate their funds phone exchanges and conversion sites.
I'm not sure whether they have targeted completely but 8000 in my countries local channel published the news saying that it is Facebook gonna launch new virtual currency in some months.
I am not sure if yes government target at this I am sure definitely didn't reach the the local news channels here.

[fortunecrypto]

Now it got their attention it's a huge media mileage for Facebook coin and Cryptocurrency as well, once it begun media will cover it and Facebook can play that they are here to give more benefits to it's users, but Facebook coin will eventually push through, they are good lobbying and they have top notch lawyer, why is it that I think Facebook acts like a mafia to me.

[fullhdpixel]

Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chair Maxine Waters, a Democrat, demanding a hearing on the Facebook cryptocurrency initiative.

Maxine's full statement is below. What is most surprising is that she is, don't shoot us, right.

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.”

https://www.zerohedge.com/news/2019-06-18/maxine-waters-demands-facebook-stop-all-development-libra-crypto-project

Libra hasn't started yet but it looks like the US government wanted to bring it down already. No less than a congressional hearing is being requested here and bring some light about this so called coin. US are really coming down hard in recent days on everything that is related to crypto. But this time, they wanted to shoot it down before it goes on a full blown and un-controllable situation.

I also don’t understand why Facebook would want to create a centralized cryptocurrency amidst all the accusations of them abusing user’s data, is this not the right time for them to take advantage of the blockchain technology to create a DEX application to proof to government that they are not abusing its user’s data?At least with DEX application, user’s data will remain anonymous, but instead they chose to create a coin which to me doesn’t look like something that is for the interest of the public but of Facebook’s personal interest, it would just be another avenue for them to make more money and enrich themselves.

[Sacramentus]

Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chair Maxine Waters, a Democrat, demanding a hearing on the Facebook cryptocurrency initiative.

Maxine's full statement is below. What is most surprising is that she is, don't shoot us, right.

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.”

https://www.zerohedge.com/news/2019-06-18/maxine-waters-demands-facebook-stop-all-development-libra-crypto-project

Libra hasn't started yet but it looks like the US government wanted to bring it down already. No less than a congressional hearing is being requested here and bring some light about this so called coin. US are really coming down hard in recent days on everything that is related to crypto. But this time, they wanted to shoot it down before it goes on a full blown and un-controllable situation.

it doesn't look like they are planning to bring it down, but they might certainly bring up a new regulations because of the project. There is quite no much treat from the libra project to any government. But you will not expect the government to just keep quiet and act like they didn't see the project.

[emmybd]

I believe that the facebook coin Libra can pose a great thread to US dollar, that's why US government is very worried about it. They don't want to weaken the dollar.

[katerina5643]

hi, guys!
i was really surprised with the news that facebook's gonna provide all people kinda general-purpose stable coin.
in my ind its really cool idea that will completely change world of cryptocurrency.
also recently i've read read related article. u can check it. https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

[katerina5643]

hey , everyone. recently i have found an interesting thread regarding this discussion. You can check it following the link.