US lawmaker: Facebook must delay Libra cryptocurrency

[mirawantirinjana]

Even though this project is backgrounded by the king of social media, Facebook, but the government certainly knows the best in protecting the economy and its country. There must be a strong reason that the US Lawmaker suggested delaying the launch of Libra on the market.

[Bttzed03]

The lawmaker could be right though. It will save Facebook a lot of trouble if in case the ruling is against them.

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

Because they are a well-known company? and as stated in the OP, they have a troubled history.

[Yoshinoya]

Facebook diketahui telah merilis sebuah whitepaper untuk token Libra-nya kemarin. Stablecoin, yang nantinya akan beroperasi pada blockchain eponymous asli, dan akan didukung oleh sekeranjang aset cadangan “yang dirancang untuk memberikan nilai intrinsik” dan mengurangi fluktuasi volatilitas

[katerina5643]

tbh its a very controversial news. on the one hand Global coin will be really easy to get, retain & use it. But on the other hand we dont know exactly about its safety and real purpose.
however, it seems to be good payment system.also u can read more information here https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

[cabron]

There will be modification of the project when its going to be approved by the US government. If its already centralized from the start, its going to be more centralized this time as US is going to have another provisions to the project. They can do whatever they like about the project, but they may not be used by people looking for a decentralized projects.

[fortunecrypto]

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

It will boost the popularity of Cryptocurrency of course but the government of the US wants to see how it will impact all the people around the world with Facebook own token so we might see a delay may be one or two months depends on how Facebook's openness to being subjected to the scrutiny of their project.

[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

[WalkerIVIV]

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

It will boost the popularity of Cryptocurrency of course but the government of the US wants to see how it will impact all the people around the world with Facebook own token so we might see a delay may be one or two months depends on how Facebook's openness to being subjected to the scrutiny of their project.

The fact that faceboook already paused the development of its crypto. Facebook just like google and it was following all of the orders created by US lawmakers. Facebok is a US company and i thought that we will see libra after 2020.
US regulators are not even feeling funny to see libra.

[FanEagle]

Considering facebook is under investigation of selling sensitive data to political parties to be able to convince people to vote for them and help them find people they can convince all with the private data we share with facebook and they use it to make money, there is no way why we shouldn't be afraid of them having the control over a currency neither.

The lawmaker is absolutely right and there should be some sort of investigation over the coin and not even allowed because if it is allowed then they will be capable of using their data powers to make sure they are stealing more from people and this time around not just their votes but their money as well. In today's world someone with all the information is richer than someone with money but if someone has both they are unstoppable.

[cryptofirm]

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.

thats why a lot of people talk if this libra is a centralized crypto
so, just like a bank, someone or a group of people can control all transactions from this libra,, and thats seems not good for me

[prehisto]

Usually I am against US lawmakers deciding on crypto related things just because they usually go with the oldschool views and do accomplish nothing.
This time I hope that they will strike down this project and wont let US citizens to participate in this next Facebook theft of our privacy .

[BryanK]

I think that this information need a for of decency. The us government benefits from the fact that Facebook is the first to announce the release of cryptocurrency. Since it will give the opportunity to control a huge amount of money.

[Reid]

Mark should start migrating his office to another country to prevent this from happening again. 

They will keep on holding them and make way for other stable coins that will be used. USDT is one.
If Mark will make it as stable coins then it will be like a competition which will bring down the usage of USDT.
I bet they wont like that since the name of the crypto currency Mark is making is different than what USDT had offered. 

[Gabmot]

Though, many may see this as an hostile development from the ruling body against Facebook,  it's needed afterall cos sooner or later, this same body can pose serious issues if all that is needed to settle now ain't done.

[katerina5643]

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

[taguig]

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

So there is a possibility, that Facebook coin will not push through, but we all know that Facebook is good at lobbying they can fast track this, I think this is good publicity for Facebook because they can prove that they are working within the boundaries of the law, in the end, Facebook will launch their coin eventually next year.

[unusualfacts30]

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

So there is a possibility, that Facebook coin will not push through, but we all know that Facebook is good at lobbying they can fast track this, I think this is good publicity for Facebook because they can prove that they are working within the boundaries of the law, in the end, Facebook will launch their coin eventually next year.

Yeah, I doubt they will not push through this. This could mean that their token won't be launched on due date and they may have to delay the launch date but they're good at what they do so I don't see how this could stretch for too long without some kind of resolution. I bet everything will change in few months. at the same time they're getting free publicity which is beneficial for them.

[Coroline]

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

it is absolutely right that a policy that must be made carefully and get approval from certain parties such as the government to legalize libra and I think that is very good because libra will be used by people worldwide if launche

[cabron]

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

So there is a possibility, that Facebook coin will not push through, but we all know that Facebook is good at lobbying they can fast track this, I think this is good publicity for Facebook because they can prove that they are working within the boundaries of the law, in the end, Facebook will launch their coin eventually next year.

Yeah, I doubt they will not push through this. This could mean that their token won't be launched on due date and they may have to delay the launch date but they're good at what they do so I don't see how this could stretch for too long without some kind of resolution. I bet everything will change in few months. at the same time they're getting free publicity which is beneficial for them.

The government will issue new laws to allow facebook for doing this but of course will also favor the government. If they will not allow facebook, they may secretly do it anyway in the name of something else. Nothing can stop facebook now and cryptocurrencies. If only the government reacts to regulations faster, they wouldn't have to panic.  They will not have to do this because US citizen are involve unlike in exchanges where US citizens are excluded.