us lawmakers want to put a ban on facebook's cryptocurrency libra

US Lawmakers Want To Put A Ban On Facebook’s Cryptocurrency Libra

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When it comes to cryptocurrencies, the US government has always been skeptical about it because there were many occasions where lawmakers raised some legitimate questions. Now recently, Facebook launched a cryptocurrency called Libra, which is making lots of buzz in the tech industry. However, the US House Committee on Finance Commission is calling Facebook for explaining how they are going to implement this cryptocurrency successfully. Reportedly US lawmakers wrote a letter to CEO Mark Zuckerberg and other managerial persons and asked them how they are going to manage this newly launched cryptocurrency.

Facebook is that tech company which has got lots of criticism for managing data privacy issues of its customers very poorly. Committee said that the cryptocurrency system which Facebook is trying to launch is based out of the US and it’s going to help its rivals. Also, this new system might be a more significant threat to the current Financial system, and it might bring down monetary policies and dollar.

Libra has brought a modern edge to the crypto market because prices of Bitcoin And other cryptocurrencies have soared up significantly. The committee said that Facebook has already revealed that there are chances that this new cryptocurrency might show some new threats to the entire system and since there are more than 2 billion users who use Facebook the privacy might be at risk. There are many times when Facebook had been accused of not managing severe issues like data privacy because of Cambridge analytical scandal. Now US lawmakers are again skeptical about the usability of newly launched cryptocurrency Libra which according to them, is a significant threat. Now even if Facebook has said that they have high expectations from Libra, it’s not going to be easy for them unless they convince the US government that it’s scalable and not a threat.

 

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