US Congress: Stop development of your cryptocurrency libra, Facebook

Jul 04, 2019

A couple of weeks ago, Facebook revealed that they will launch their own cryptocurrency, libra, next year.

Since then, it has not been an easy road for the US social media giant’s stablecoin. It has been acclaimed by parts of the crypto world. But it has also encountered problems in the form of doubtful partners.

Now comes the next setback for Facebook. The US Congress has asked the company to pause the cryptocurrency.

Raises serious concerns

In a letter sent to Mark Zuckerberg and the company’s chief operating officer, Sheryl Sandberg, the Congressional Committee on Financial Services writes that Facebook risks causing major problems with its cryptocurrency.

”This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over two billion users, but also for investors, consumers, and the broader global economy”, Congress writes in the letter, Cointelegraph reports.

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