Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Leonardo on July 03, 2019, 03:57:17 PM
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Sad news for Libra enthusiast,
US lawmakers have asked Facebook to "immediately cease implementation plans" of its Libra cryptocurrency. Before it proceeds any further, the House Financial Services Committee, led by Democrat Maxine Waters, wants to examine risks around cyber security, global financial markets and national security concerns, it said in a letter to Facebook (https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404009).
Source: https://www.engadget.com/2019/07/03/us-lawmakers-order-halt-facebook-libra-cryptocurrency/?guccounter=1
Personally, I don't like Facebook's Libra project. Its orientation is against cryptocurrency's will. Though US lawmakers' action is originated from their own benefit somehow, I think Zuckerberg at least has to prove his honesty, seriousness and reliability first.
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Libra plan to launch the coin only next year. In my opinion, there is time to calmly find out all the issues related to this project. Yes, this stable coin will be special because of the grandeur of such a project and many states and international organizations are simply afraid of its domination in the global financial market.
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Yes, they are very much afraid of Libra coin Launch which may dominate the global market in terms of becoming the most valuable coin than the notable fiats currency.
Facebook has over 2billion users in the world and if, according to their reasoning Facebook succeed, it may dominate the notable fiats or may even make Libra coin to replace these fiats entirely.
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Yes, they are very much afraid of Libra coin Launch which may dominate the global market in terms of becoming the most valuable coin than the notable fiats currency.
Facebook has over 2billion users in the world and if, according to their reasoning Facebook succeed, it may dominate the notable fiats or may even make Libra coin to replace these fiats entirely.
There is still much time before the announced launch of Libra. Everything may change: the government of the USA can also change mind about Libra, as they will find benefits in this stable coin.
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Federal Reserve Chair Jerome Powell said there needs to be broad satisfaction with the way Facebook is handling regulatory concerns regarding its forthcoming stablecoin Libra. Powell gave his comments in a hearing before the House Financial Services Committee on July 10.
Rep. Steve Stivers asked Powell during the meeting, “if Facebook can’t sufficiently answer your questions about anti-money laundering, Know Your Customer, what would your message be to the banks that provide banking to Facebook, and what would your advice to Facebook be?” Powell replied:
“ … I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering, all of those things. The number of concerns that I list at the beginning, data protection, consumer privacy, all of those things will need to be addressed very thoroughly and carefully.”