“Facebook Should Halt It’s Cryptocurrency Project” – Senior U.S. Lawmaker

What is cryptocurrency?

Cryptocurrency is the kind of money which is not available in the form of bills or coins but is a rather digital or virtual currency. It is exchanged digitally between the sellers and buyers. It is not easy for Cryptocurrency to get counterfeit because it uses cryptography for security.

Facebook Cryptocurrency – Libra

Facebook announced a digital currency called Libra that will be available for the users by 2020 and allow it’s billions of users across the globe to make financial transactions online. It is expected to launch next year.

According to Facebook, Libra is a financial infrastructure and global currency.

Mastercard, Uber and Vodafone are the amongst the members of a not-for-profit organisation- The Libra Association which is located in Geneva, Switzerland and it will be in charge of Libra. Facebook will also launch its wallet – Calibra, which will help the individuals and merchants to send, receive and store Libras.

U.S. Lawmakers’ Verdict On Facebook Cryptocurrency - Libra

Maxine Waters (U.S. House Financial Services Committee Chairwoman) said on Tuesday “Facebook should halt development of its announced cryptocurrency until Congress and regulators conduct a review.”

According to Waters, Facebook should first testify before congress its Cryptocurrency a.k.a Libra as the company does not have a good past record for the protection of its users’ data. “Repeatedly shown a disregard for the protection and careful use of this data.” Waters’ statement.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she added.