Facebook has an extremely ambitious project, creating a new financial order together Libra virtual money service Their cooperation with 27 major partners such as Visa, Uber, Mastercard, PayPal, Coinbase … But less than 48 hours after Facebook announced this project, US lawmakers voiced concern. On Tuesday, MP Maxine Waters, chairman of the US Parliamentary Financial Services Commission, said Facebook should stop developing Libra, and pull Facebook's list of scandals over the past few years to argue. for your opinion.
At the moment, Facebook is trying to improve its e-wallet to launch support for more than 2 billion Facebook accounts, with Messenger or WhatsApp users in 2020. This MXH user will be able to use Libra to buy products online, send money to other countries or donate to charity. Waters stated in the official press release: "With the announcement of the development of cryptocurrency, Facebook is continuing to expand in an uncontrollable way to interfere with the lives of these users."
Next, according to Mrs. Waters, "The virtual money market is currently lacking regulatory regulations to provide maximum protection for investors, consumers and the economy. Managers should consider this a wake-up call to take more serious steps about privacy, national security, cyber security, and the risk of trade created by virtual currencies. ”
The statement by the US legislator shows that the largest social network on the planet may face many legal difficulties when launching Libra. Ms. Waters also has a tough view on Facebook, saying that this social network "constantly shows that they do not respect the protection and responsible use of Facebook users' data." Currently Facebook is facing a $ 5 billion fine from the Federal Trade Commission (FTC), following an FTC investigation to determine whether Facebook misuse of personal data of good users. is not.
Congressman Patrick McHenry, a prominent figure in the Financial Services Commission, said there should be a hearing on Facebook's virtual money project. The committee agreed with the proposal, and the parliamentary and Facebook hearing surrounding the Libra virtual money project will take place on July 16. Expected blockchain director of Facebook, David Marcus will have to sit in front of lawmakers to protect Facebook's opinion when continuing to deploy the Libra project.