US Government vs. Facebook Libra

[hung58bitcoin]

I think the US Congress is afraid of Facebook's Libra, which threatens the domination of USD on the world money market. As we all know countries exchange goods with each other in USD. Because Facebook has more than 2 billion users, Libra users will be extremely large. Therefore, the USD may not be used in the procurement of goods among people of different countries.

[FanEagle]

I do not really understand what makes government somehow go against facebook in every aspect. I have seen that usa government allowing banks to ruin the american economy and then pay them back for the mistakes they did and let them continue doing their horrible methods the way they want scott free without any punishment at all. Then they are going against facebook for privacy reasons and now against Libra for the same reasons and put SEC in charge of checking it out.

Look I am against facebooks privacy breaching as much as the next guy but if you are so against facebooks shady workings why are you not doing the same thing for JP Morgan or any other huge corporation? They have literally ruined NATIONS with their horrible judgement of finances, letting them go but bothering Facebook makes no sense at all.

[xenomorphe1]

We maybe won't see any Libra or Facebook coins. Governments and banks don't want to lose the control of the economy. They are going to do what they can to preserve their power.
https://www.rt.com/business/464169-bill-big-tech-cryptocurrency/

[goolesby]

The existence of this news certainly can make a negative issue with the coin carried by Facebook, Libra coin. However, we cannot consider how much influence we will face. In my opinion, Facebook coins will remain global and grow rapidly. especially Facebook is not a new platform. This is a large platform that has been known to all people of the world.

[billyhaleym]

This news can have both negative and positive effects on the new introduced coin by facebook. Still not convinced personally hoe they intend to run about and observing

[Rigorous]

In my opinion, until now the United States government is still opposed to the discourse on Facebook Libra coins. however, Russia appreciates the Facebook Libra coin. therefore the discourse on the emergence of Libra coins is still the pros and cons.

What is bad for United States is good for Russia.

If a Russian social media platform would get involved in crypto I doubt the Russian goverment would be as appreciative.

Oh wait, that already happened. Remember the Telegram TON ICO and the resulting crackdown?

[creeps]

In my opinion, until now the United States government is still opposed to the discourse on Facebook Libra coins. however, Russia appreciates the Facebook Libra coin. therefore the discourse on the emergence of Libra coins is still the pros and cons.

Yes, we already know the pros and cons of this coin because of the big hype. US government are not just hare Facebook coi or Libra there’s a big hidden secret on that and right now we slowly feeling it. US President Donald Trump shockingly made a big comment about bitcoin and other cryptocurrency, they are slowly doing a black propaganda agaisnt the good future.

[indriasyifa]

I think this is fear from the United States of the world financial changes, if Facebook succeeded in creating their tokens, the world's money circulation will experience inflation, which the US will experience a shock because many countries will escape their burden of dependence on US. I think Facebook must dare to take a stand by ignoring American legislators.

[adam1230]

Currency vs Crypto Currency wars starts here.
Trump is going to ban all crypto currencies because of facebook libra.
They already give some penalty for facebook and it will continue.

[FanEagle]

I think this is basically US government saying of "if you are going to make money from money then we want a share of it", look at wall street, they are basically bribing the politicians to keep doing the shady business methods they have however at the same time they have to keep bribing them otherwise politicians will start to squeak and they will put regular regulations on top of the loose regulations there is and would make them lose a lot of money, that is why its both a bribe but blackmail at the same time.

Government wants the same from facebook as well, if they have enough money to build a whole network of money that can be transferred globally then they could simply afford to bribe their way into congress and other parts which would be expected of them to do .

[Ziskinberg]

Yes, exactly, they are afraid that Facebook Libra will become something more than just a cryptocurrency. This is their greatest fear.

They are protecting their interest, they want to regulate Libra like many others and when they are the regulator no one is above them, not above the financial system that they created and I believe bank will always be the leading financial sector in the world.

[tsaroz]

Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.

[yvesp110]

Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.

I think Facebook can still survive without Libra if the US government is getting Libra nightmares. In addition, Libra is going to be in the market soon and people across the US will use it as well because the team management on the back of Libra has already discussed and made deals with the leading banks in the US. In addition, the government might not be too pressing to kill the coin.

[aioc]

Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

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

Trump already stated that if they want to be a bank they should apply to be one and to be under the government jurisdictions just like all the banks that's operating in the US soil, they do not want things to get out of hand this early and they want to stop any scenarios that can give Facebook a share of that monopoly.

[Airelves09]

I think Facebook will eventually release Libra. Because the existing financial order is not easy to break. Facebook may eventually compromise to accept government regulation and control.

[forexandcryptoauditor]

From what Trump has mentioned, its obvious that it will not be easy for Facebook to launch and to get Libra worked.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.

[quality.crypto]

From what Trump has mentioned, its obvious that it will not be easy for Facebook to launch and to get Libra worked.
"Don't try to be a bank. If they want to be a bank, apply for bank entity", is one of the message from trump on Twitter.

I hope now the things are not in Facebook way, which the government will treat Libra coin as fake one. So Facebook libra will follow their rules and regulations, in order to launch the Facebook libra coin.

[JeffBrad12]

Personally, I don't think that far.  Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things.  So the government sent a letter to Facebook

It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem.

[el kaka22]

I think facebook must have done their homework in something like this and they wouldn't find anything wrong with it.

Governments job is to check these things out so of course they will have a meeting and see how it works out and how it will be made etc etc but in the end if Facebook has done everything they should have done and there is nothing illegal with it then they have nothing to fear, there is no scenario where government is not checking it out, even if it is by the book and everything is done legally they would have to check it in order to find if there is anything wrong and if they don't then they will just let them work on it. This is purely for show reasons so government can say that they did whatever they can and checked and found nothing wrong.

[Nekoma2018]

Recently, the House of Representatives of United States of America-Committee on Financial Services sent a letter to Facebook founder, Mark Zuckerberg with regard to the proposed cryptocurrency namely as Libra and its proposed wallet, Calibra.

What do you think guys? Does Facebook proposed cryptocurrency really threatens the Government's monopoly on the money supply?

"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

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

I really dont agree with Facebook venturing into the crypto space... but I think the world power are afraid..  this may lead to another form of non governmental uprising