U.S. Congress Steps Up Pressure on Facebook for Fear of Launching Dollar Competitor

Economic Regulation Is What Big Tech Platforms Fear Most: Dipayan Ghosh #CyFy2020

Following the US Senate Banking Committee, the House of Representatives Financial Services Committee announced its own hearing on the Facebook Libra cryptocurrency.

Last week, the chairman of the fin. Committee Maxine Waters several times called on the giant to suspend work on the project of its own digital currency. In her speech, she stated that the American authorities cannot allow Facebook and its partners to leave for Switzerland and begin to compete with the dollar..

As the company continues to develop the project, the authorities began to put pressure on the team. The Banking Committee will hold a hearing on July 16, and the Financial Services Committee will continue talking about the development of Libra the next day..

Last week, Facebook officially announced the creation of a subsidiary of Calibra and the formation of an independent board of governors of the Libra Association, which will develop and promote independent of the state system cryptocurrencies.

U.S. Congress Steps Up Pressure on Facebook for Fear of Launching Dollar Competitor

The giant plans open free access to global financial services for about 2 billion individuals. If the project is successful, the demand for the dollar will fall significantly, which could lead to a weakening of the levers of international pressure and undermine the stability of the US economy..

Although in Russia the status digital currencies are still not enshrined in legislation, but earlier The head of the Central Bank said she would consider a proposal to issue a cryptocurrency pegged to the gold rate.

U.S. Congress Steps Up Pressure on Facebook for Fear of Launching Dollar Competitor

text: Ivan Malichenko, photo: The NY Post

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