technology

Facebook Libra Cryptocurrency Being Put on Hold by House Lawmakers

Senate Banking Chair Mike Crapo has also scheduled a meeting over Facebook cryptocurrency concerns.

Facebook Libra Cryptocurrency

In a blow to Facebook’s aim to kick-off with its proposed cryptocurrency project Libra, House Democrats have officially directed Facebook to put the development of Libra cryptocurrency project on hold. It will also clasp Calibra, a digital wallet complimenting Libra.

The block is put into place as Congress and regulators want to analyze the cryptocurrency and the risk it may pose after its rollout. Strikingly, a move of similar manner was hinted by Rep. Maxine Waters (D-CA), the Chairwoman of the House Financial Services Committee, during the announcement of the project.

Today, Waters sent a letter of concern to Facebook’s CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcus. The letter is duly signed by House Finance’s subcommittee leaders as well.

The letter reads, 

It’s not only the House Democrats who have issued a letter to Facebook, but even Senate Banking Chair Mike Crapo (R-ID) have set a hearing with Marcus for July 16th, regarding the vulnerabilities of the project and the risk over data privacy. On the next day, Waters’s committee is also scheduled to hold a hearing on the same.

One of the Facebook spokespeople told The Verge

Facebook Libra cryptocurrency project is not similar to Bitcoin and is crafted to run on the Libra blockchain platform, which is controlled by Facebook.

Therefore, unlike a regular cryptocurrency, where everything is decentralized, Libra will be supervised by Facebook and it might have led Congress to raise concerns.

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Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

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