US lawmaker says still concerned about Facebook cryptocurrency

Published: August 26, 2019
Email
Facebook is facing public criticism about its planned cryptocurrency Libra over concerns about privacy and money laundering. PHOTO: REUTERS

Facebook is facing public criticism about its planned cryptocurrency Libra over concerns about privacy and money laundering. PHOTO: REUTERS

WASHINGTON: The chair of the US House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it.

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Congresswoman Maxine Waters said in a statement.

Swiss data watchdog awaits details on Facebook crypto plan

Facebook is trying to get Washington on its side after the social media company shocked regulators and lawmakers with its announcement in June that it was hoping to launch a new digital coin called Libra in 2020.

Policymakers and financial watchdogs at home and abroad are concerned about the effect of widespread adoption of Libra by Facebook’s 2.38 billion users on the global financial system.

The currency will be issued and managed by the Geneva, Switzerland-based “Libra Association”, Facebook has said.

Bitcoin tumbles as US senators grill Facebook on crypto plans

Waters met representatives from Switzerland’s State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, the Financial Market Supervisory Authority, and Swiss legislators.

The Swiss officials were helpful in understanding the “status, complexity, and magnitude of Facebook’s plans,” she said.

US lawmakers bashed Facebook over its plans at a hearing of Waters’ committee in July, saying the company had not shown it could be trusted to safeguard the world financial system and consumers’ data.

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Technology