Libra cryptocurrency: US Congress asks Facebook to pause development
Source: The Guardian
Libra: US Congress asks Facebook to pause development
Legislators say they need time to investigate cryptocurrency and its potential impact
Alex Hern
Wed 3 Jul 2019 11.30 BST Last modified on Wed 3 Jul 2019 11.47 BST
The US Congress has asked Facebook to pause development on its Libra cryptocurrency until lawmakers have had more time to investigate the ramifications of the companys actions.
In a letter from the Democratic heads of the house committee on financial services and its subcommittees, the legislators ask the company to immediately cease implementation plans.
Because Facebook is already in the hands of over a quarter of the worlds population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action, the letter says.
During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so risks a new Swiss-based financial system that is too big to fail.
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Read more:
https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency