On 19th June 2019, Facebook made the news for announcing its new Libra Cryptocurrency that is slated to hit the market by 2020. The digital coins will let people make payment through Facebook Messenger and WhatsApp.

 

However, recent reports say that US lawmakers asked Facebook to delay the launch of its Libra cryptocurrency. The government stepped in only a few hours after the company announced the project.

 

The chairwoman of the American House Financial Services Committee said Facebook should wait until the US Congress examined the project.

 

Democratic congresswoman Maxine Waters said:

“Given the company’s troubled past, I request 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.”

 

 

She explained that the firm’s history of controversies around privacy and data raises valid concerns. The committee then called Facebook executives to testify before it.

 

In response, a Facebook spokesman said,

“We look forward to responding to policymakers’ questions as this process moves forward.” 

 

The tech giants plan to let its users buy the Libra currency and store it in a digital wallet called Calibra. Users will also be able to transfer it and use it to pay bills and buy things. They say the Calibra payment system will be as easy as texting.

 

A United States Senator, Sherrod Brown says he thought Facebook had become too big and too powerful. In a statement, he said they “cannot allow Facebook to run a risky new crypto-currency out of a Swiss bank account without oversight.”