US lawmakers formally requested Facebook to suspend the Libra electronic money project

Recently, Democratic Party legislators with the majority of seats in the US House of Representatives have officially voiced their request to suspend the development of Libra's electronic money project, as well as their Calibra digital wallet system. , at least until Congress and financial and monetary managers have enough time to thoroughly investigate the risks that may occur with the US financial system in particular and the world in general. , from the launch of this digital currency.

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The move by US House officials did not surprise many people, more than a month ago, Congressman Maxine Waters (D-CA), Chairman of the House of Commons Financial Services Committee, hinted at The storm that Libra will face before it can be released and circulated only a few days after CEO Mark Zuckerberg officially announced this ambitious project.

In Maxine Waters's letter to three executives at Facebook who play a key role in the Libra project, including CEO Mark Zuckerberg, COO Sheryl Sandberg and Calibra Chief Executive David Marcus, Congressmen have officially moved the House of Representatives' request that Facebook postpone all of the plans and programs being implemented in the Libra project.

Chairman of the Maxine Waters House of Financial Services Commission

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Also in the letter is the signature of the leaders of the House of Commons Financial Services Commission, showing that the agency is really interested in Facebook's e-money project, and everything seems unlikely. ' easy to breathe 'with Mark Zuckerberg and colleagues in the future.

'If such products and services are adjusted as well as improperly managed, or the lack of adequate oversight from the state authorities, they can pose systematic risks. Systematic, insidious danger to financial stability not only in the United States but also worldwide. The gaps in this project can be completely exploited and hidden by bad actors, similar to many cases of e-money, exchange and management of other wallets. once recorded in the past, 'said the House of Commons Financial Services Commission representative.

Things became even more difficult for Facebook when skepticism about Libra's negative impact not only appeared in the Democratic-controlled House of Representatives. Recently, the Chairman of the Banking Committee of Senate Mike Crapo (R-ID) has also officially scheduled a hearing with electronic wallet director Calibra David Marcus on July 16, citing concerns. concerns about negative monetary effects as well as potential risks to data privacy that Libra may cause. Also on the day after July 17, Ms. Waters will also hold a hearing on this project in the presence of House officials.

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Chairman of the Senate Banking Committee Mike Crapo

As such, both the US House of Representatives expressed concern about the negative impact of Libra's emergence in the financial-monetary market.

On Facebook, the company also made the first speech about the case.

'We look forward to working directly with legislators as soon as possible to discuss problems, including answering questions at the Financial Services Commission hearing. the House of Representatives is coming, 'said a Facebook spokesman.

Facebook currently has a huge amount of users for its services, up to more than a quarter of the world's population, so every policy and plan that this company has made has a very strong impact. big to many areas. Libra's case is getting more and more attention because it affects an extremely important area, which is finance and money.

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Facebook and its partners will be forced to suspend the Libra plan

So with the tough moves of the bicameral, Facebook and its partners will be forced to suspend the Libra plan until the authorities and Congress have enough time to consider and come to the conclusion of the virtual currency. This is allowed to circulate in the market. Along with that, Mark Zuckerberg and his colleagues will also have to prove their project does not cause any negative impact on the monetary security situation in general - a task is not simple!