News

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.

For more such updates, do subscribe and follow 'MobileAppDaily' and stay abreast of all the latest updates of the mobile app industry.

Arpit Dubey
Written By
Arpit Dubey

Arpit is a dreamer, wanderer, and a tech nerd who loves to jot down tech musings and updates. With a logician mind, he is always chasing sunrises and tech advancements while secretly preparing for the robot uprising.

Think Your Professional Journey
Deserves A Spot In Our 40 Under 40 Report?

Latest Blogs

News

Spotify Launches Song Psychic Feature That Sings Your Future

4 min read  

Spotify, the largest music streaming service, has now become the world’s largest psychic platform. The tech giant recently introduced the ‘Song Psychic’ feature to its music app, where users can ask questions and get answers in the form of musical track titles. Spotify’s unde

News

Google Maps Becomes More Immersive & Time-Savin

4 min read  

Google Maps is the go-to app for navigation across the globe. With the inaccuracies and lack of features in other map applications, Google Maps has ruled the industry for over a decade. Both iOS and Android users prefer Google Maps to get directions, share location, and much more. The tech

News

Your Next Job Interview Might Be With A Bot

4 min read  

Artificial Intelligence is a powerful technology that can be applied to almost any responsibility. In a growing trend, AI is heavily being deployed to conduct the initial interview rounds. Interviewers say that this solution has helped them filter out thousands of candidates and also helps them crea

News

Instagram May Soon Have A Find My Friends Map Like Snapchat

4 min read  

Alessandro Paluzzi is a reverse engineer who often discovers upcoming app features and updates before officially launching. In his latest findings, Alessandro found a new Friend Map feature that Instagram is internally working on. This finding was confirmed by a Meta spokesperson who shared this inf

Featured Interviews

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MobileAppDaily had a word with Coyote Jackson, Director of Product Management, PubNub. We spoke to him about his journey in the global Data Stream Network and real-time infrastructure-as-a-service company. Learn more about him.

MAD Team 4 min read  
Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MobileAppDaily had a word with Laetitia Gazel Anthoine, Founder and CEO, Connecthings. We spoke to her about her idea behind Connecthings and thoughts about the company’s services.

MAD Team 4 min read  
Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MobileAppDaily had a word with Gregg Temperley, Founder. We spoke to him about his idea behind such an excellent app and his whole journey during the development process.

MAD Team 4 min read  
Interview

Interview With George Deglin, CEO Of OneSignal

MobileAppDaily had a word with George Deglin, the CEO and co-founder of OneSignal, a leading customer messaging and engagement solution, we learn multiple facets related to customer engagement, personalization, and the future of mobile marketing.

MAD Team 4 min read