The US Wants to Halt Facebook’s Libra, Over Privacy Concerns

The US Wants to Halt Facebook’s Libra, Over Privacy Concerns

The Congresswomen and Financial Services committee representative Maxine Waters, announced her concerns over Facebook’s Libra cryptocurrency.

Through an official published statement, Yesterday, which came after a long meeting in Switzerland with groups of officials, last week.

Including the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC).

Also the Financial Market Supervisory Authority (FINMA) and Swiss legislators.

In the meeting, Waters and the other US representatives discussed the status and the further plans of Facebook to launch and develop Libra and its Calibra international financial services.

Waters’ concerns over Facebook’s Libra, relates to the privacy issues, which Facebook proved its failure to handle before, mentioning Equifax past failure case.

“My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.”

Waters requested in her statement to pause any developing processes for Libra, until the authorities’ investigations end.

She revealed another scheduled meeting for that purpose in fall 2019.

“I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.”

This isn’t the only problem facing Facebook from launching Libra.

As a few days ago, some of Libra’s giant investors and supporters expressed their intention to withdraw from Libra association.

Others refused to publicly support Libra, as it may have adverse effects on their own companies.

Despite pledging to invest at least $ 10 million in the project, since Facebook announced the launch of this Libra last June.

Knowing that, Libra association has 28 members, including Visa, Mastercard, Uber, e-Bay and Spotify.

Do you think Facebook’s Libra will survive!?

Related Articles