US asks Facebook to delay new cryptocurrency launch

Facebook set to launch Libra cryptocurrency in 2020, Congresswoman criticizes company for 'unchecked expansion'

U.S. congresswoman Wednesday called on Facebook to postpone to launch its new cryptocurrency project until the Congress examines it.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action,” Maxine Waters was quoted as saying in BBC.

Waters remarks came shortly after Facebook announced the new project, Libra cryptocurrency, set to be launched in 2020.

On Tuesday, Facebook announced that the Calibra payment system will introduce a new digital currency called Libra, which aims to provide financial services that will let people to make payment via Facebook’s apps and WhatsApp.

Water criticized the Facebook for uncontrolled expansion.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” she said.

Waters is an American politician serving as the U.S. Representative for California’s 43rd congressional district since 2013. A member of the Democratic Party, Waters is currently in her 15th term in the House, having served since 1991.

“Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost,” according to Facebook.

The company also noted that it is still in the early process of developing Calibra, and they will consult experts to ensure product safety.

https://www.globaldailynews.com/racism-islamophobia/facebook-bans-white-nationalism-content-following-new-zealand-mosque-attacks/

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