U.S. lawmaker says still concerned about Facebook cryptocurrency

  • 26/08/2019
U.S. lawmaker says still concerned about Facebook cryptocurrency

The chairman of the U.S. House's financial services committee said on Sunday that she remains worried about Facebook’s intentions to design a digital currency after meeting with Swiss officials who, according to Facebook, will have control over it.

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Congresswoman Maxine Waters said in a statement.

Facebook (FB.O) has an intention of pushing Washington to its side after the social media firm surprised controllers and legislators in June, announcing that it aimed to release a new digital coin named Libra in 2020.

Politicians and financial observers at home and abroad are worried about the impact of the extensive adoption of Libra 2.38 billion Facebook users on the worldwide financial system.

According to Facebook, the currency is going to be released and directed by the Swiss “Libra Association” located in Switzerland.

Waters had a meeting with delegates from the Swiss State Secretariat for International Financial Affairs, the Federal Data Protection and Information Commissioner, the Financial Market Supervisory Authority, and Swiss lawmakers.

According to her, Swiss officials helped understand the status, intricacy and scale of Facebook’s intentions.

U.S. legislators beat Facebook about their intentions at a Waters committee hearing in July, claiming that the firm has not shown that it can be reliable in protecting the worldwide financial system and consumer information.

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