US Lawmaker Wants Facebook To Halt Its Libra Cryptocurrency Project

Facebook, after various speculations, finally released its own cryptocurrency Libra and wallet. However, it seems like the company might have to face some trouble in order to fully make it accessible to the users.

It is reported that US Congresswoman Maxine Waters, chair of the House Financial Services Committee, has directed the Mark Zuckerberg-owned company to put its cryptocurrency project to a halt.

The reason for the demand for a pause in the project is Facebook’s past (and present too) involvement in various data breaches.

Furthermore, it is suggested that the cryptocurrency world still lacks a streamlined regulatory body and it’s the time something like this should be provided to all those who are a part of the cryptocurrency arena to maintain the security of the nation, cybersecurity and eliminate trading risks.

Waters, via an official statement, said, “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

As a reminder, Facebook unveiled its crypto wallet Calibra along with cryptocurrency Libra, which will go live in 2020.

With the new digital wallet, Facebook will allow users to send and receive money, pay bills, and perform various other functions, via the Calibra app, or Messenger, or WhatsApp.

Additionally, the crypto project will be security and privacy-focused and won’t share users’ data without his or her consent.

While Facebook seems to be trying to get back users’ trust, ghosts of its past are still haunting it, and we can just hope that it comes up with a better plan. Until then, stay tuned to Fossbytes for further updates.

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