Top
Begin typing your search above and press return to search.
keyboard_arrow_down
Login
exit_to_app
Points to ponder before the Al-Qaeda hunt
access_time 22 Sep 2020 6:25 AM GMT
Farmer rage and Opposition parties
access_time 19 Sep 2020 6:51 AM GMT
access_time 19 Sep 2020 3:50 AM GMT
Going beyond birthday celebration
access_time 18 Sep 2020 6:05 AM GMT
DEEP READAll arrow_drop_down
The ogres in the mind
access_time 8 Sep 2020 11:27 AM GMT
Why worry about populism?
access_time 4 Sep 2020 9:51 AM GMT
Media mind-set towards minorities
access_time 15 July 2020 4:29 PM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightUS lawmakers ask...

US lawmakers ask Facebook to freeze project Libra

text_fields
bookmark_border
US lawmakers ask Facebook to freeze project Libra
cancel

San Francisco:  In a new letter sent to Facebook executives, US lawmakers are officially asking the social networking giant to cease all development of its Libra cryptocurrency, the media has reported.

Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, Whatsapp and as a standalone app and is expected to be launched in 2020. 

Representative Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move like this in June, shortly after the project was announced. 

Waters' letter, sent to Facebook CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg and Calibra CEO David Marcus, formalizes that request from a few weeks ago. Besides Waters, the letter is signed by House Finance's subcommittee leaders, The Verge reported on Tuesday.

According to reports, Waters has repeatedly called on the social networking giant to pause development of Libra, though this is the first time she has done so as part of a formal letter to the company.

Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency.

Show Full Article
TAGS:
Next Story