US lawmaker: Facebook must delay Libra cryptocurrency

[Leh-Meh]

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.

Libra, set to be launched next year, will let people make payments via Facebook's apps and WhatsApp.But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.Facebook said it looked forward to responding to policymakers' questions.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.

https://www.bbc.com/news/technology-48688359

[BlackFor3st]

US are afraid of almost everything that gives freedom and because of it they want to either stop the launch of Libra coin or delay it in order to lessen the people who adapt in crypto currency.

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

[thesmallgod]

US are afraid of almost everything that gives freedom and because of it they want to either stop the launch of Libra coin or delay it in order to lessen the people who adapt in crypto currency.

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

The fast they accept this the better for them. They have succeeded in making their citizens a punching bag when it comes to benefiting from things that other countries are widely accepting. They always want to be in control everything but yet they have many lawmakers that are slowpokes. I have seen many of their citizen complaining about the currency binance banning and stoping US citizen that are already using or intend to use the platform for crypto trading. Instead of them to quickly make libra an avenue to successfully and positively help their country, they want it to be delayed.

[Leh-Meh]

Once facebook will successfully launch their coin, there is a big chance that 80% of the countries will start to adapt and accept crypto currencies as legal. This what US really don't like to happen.

In 2018, Facebook share price had fell -20% in one day. Facebook could have 400 million users only.

[betty11]

US government want to police everything including what will be of good to the financial system. Too many strict regulations and watch dog making projects deny US investors and exchanges restricting them from trading on their platforms.

[hurry_hore]

A government should protect from anything they think will harm their country and also the people, I am not US citizen but in this case it is normal if US government protect themselves. Moreover US government now is led by a president character as like Mr Trump. Wrong government is a government that allow something harm their country just for their personal interest such as doing corruption and govern the state for personal benefit while harm the people.

[kryptqnick]

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.

Libra, set to be launched next year, will let people make payments via Facebook's apps and WhatsApp.But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.Facebook said it looked forward to responding to policymakers' questions.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.

https://www.bbc.com/news/technology-48688359

Thankfully, the head of the Congress is a Democrat. I remember the talks from Democrats about developing the Bill of Rights on the Internet or something like that. This Bill is supposed to protect the privacy of users more than nowadays, set more serious requirements for websites that collect data from people, etc. I think this is also the reason they ask for the coin to be launched later. They want to make sure it's not another way of getting even more information about people's spending habits and using this information to lead people to buy stuff as well as for more serious purposes (Trump and Brexit were both the winners because of some elaborate context ad campaigning online). I hope they succeed.

[Leh-Meh]

Facebook has started making bad decisions like former billionaire Anil Ambani.

[squatter]

Thankfully, the head of the Congress is a Democrat.

Democrats won't save us. It was a Democrat -- Congressman Brad Sherman -- who introduced a bill last month to ban people from using Bitcoin.

Don't be fooled into thinking any regulation is good regulation. I doubt Sherman's bill will go anywhere, but whatever legislation is passed, we can expect cryptocurrency users and investors to experience increasing restrictions and reporting requirements.

[Furious 7]

I will not give a bad comment here. it is the authority of the US government and I hope Libra is an important note for every country that crypto is the future.
and in 2020 we have enjoyed other Libra and Crypto transactions easily.

[Payme21]

This is a signal that this coin is sure going to have a lit of opposition come its launch but I have a feeling that its going achieve its set purpose because if the strong backup it's gathering

[CaVO32]

Thankfully, the head of the Congress is a Democrat.

Democrats won't save us. It was a Democrat -- Congressman Brad Sherman -- who introduced a bill last month to ban people from using Bitcoin.

Don't be fooled into thinking any regulation is good regulation. I doubt Sherman's bill will go anywhere, but whatever legislation is passed, we can expect cryptocurrency users and investors to experience increasing restrictions and reporting requirements.

just wondering if they truly know what they are talking about? do they know the nature of cryptocurrencies? have they studied the benefits that a particular industry can extract from employing blockchain technology within their operations? i hope they meticulously did their homework before saying something negative towards cryptocurrencies.

[dnpotter]

It's astonishing how quickly regulators and officials are responding to Libra.

[aioc]

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.

Libra, set to be launched next year, will let people make payments via Facebook's apps and WhatsApp.But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.Facebook said it looked forward to responding to policymakers' questions.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.

https://www.bbc.com/news/technology-48688359

This happens because Facebook is such a huge company online that could make an impact on billions of people worldwide, and they want Facebook to do the right thing, this is ok for me because of Facebook's past actions, but it will eventually approve, we all know Facebook is good lobbying.

[uray]

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project.

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action," said Democratic congresswoman Maxine Waters.

They will listen to the US law makers and since it is a centralized coin they have to be worried if the authorities asked them to delay things because if facebook challenges the authorities the possibility of them being taken down in a relatively short period of time is really high and with that fear in mind, they will delay things.

[franky1]

if libra is just an altcoin with swinging value. then us government cant do much.
but if libra is going to be fixed value / a stable coin of fiat value then the government will treat it as a CVC (convertable virtual currency) much like any other database balance measuring $

which facebook has tried to avoid having all the money service business licences by having its 'facebook credits' purchase be unlinked to fiat value.

facebook could see alot of licence filing state to state country to country if they try the 'fiat stablecoin' approach

[eternalgloom]

if libra is just an altcoin with swinging value. then us government cant do much.
but if libra is going to be fixed value / a stable coin of fiat value then the government will treat it as a CVC (convertable virtual currency) much like any other database balance measuring $

which facebook has tried to avoid having all the money service business licences by having its 'facebook credits' purchase be unlinked to fiat value.

facebook could see alot of licence filing state to state country to country if they try the 'fiat stablecoin' approach

Well, they are going for the 'fiat stablecoin' approach, at least that's what I've read in each article about it.

Source: https://www.thestreet.com/video/how-facebook-libra-currency-works-14995914

So yeah, it's not surprising to see that they're already under scrutiny by the US government. 

[Ayobami99]

Personally, ever before the official announcement of Libra, when the rumours began, i have been of the opinion that Facebook should really focus on the privacy leakages and allegations levied against it. I am just satisfied that the US law MAkers are thinking in the same direction. Somethings are needed to be dealt with first before others

[franky1]

Well, they are going for the 'fiat stablecoin' approach, at least that's what I've read in each article about it.
Source: https://www.thestreet.com/video/how-facebook-libra-currency-works-14995914

still early. they may change their model.
the coding for the coin doesnt need to change, but just the method of purchase and the value/price.

EG facebook got away for years without needing loads of fiat handling licences by having their credits at xx:1 per $ instead of 1:1

so they can still do a fixed value thing. but just not fixed at 1:1.

anyway.. next step i see is a WVWII  winklevi war 2, where zuckers starts a crypto ETF before the winkles

[CryptoLogo]

My friends and I talked about something like that. I was sure that this would happen. The fact that the government will control everything connected with the creation of this coin was an obvious fact from the very beginning.