Leaked document reveals: Facebook’s cryptocurrency libra may get banned

Jul 15, 2019

Facebook’s upcoming cryptocurrency libra has encountered a lot of opposition since the social media giant revealed that it will launch next year.

Both the chairman of the US Federal Reserve and Donald Trump have expressed their criticism of the project.

Now comes something that may be another setback for Facebook. It is a draft of what is said to be a bill from the US Congress.

Claimed to be authentic

The leaked document, which according to sources to The Block is authentic, contains something that seems to be an explicit ban on libra and similar projects.

A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value“, the proposal reads.

The question is whether this will put a stop to Facebook’s plans.

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