Facebook urged to pause Libra crypto-currency project

As reported by the British Broadcasting Corporation, “Libra, set to be launched next year, will let people make payments via Facebook’s apps and WhatsApp.

“But the company should wait until the US Congress has examined the project, according to the chairwoman of the House Financial Services Committee.

“Facebook said it looked forward to responding to policymakers’ questions.

“‘Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action,’ said Democratic congresswoman Maxine Waters.

“She cited the firm’s history of controversies involving user-data among her concerns, and called on Facebook’s executives to testify before her committee.

“‘We look forward to responding to policymakers’ questions as this process moves forward,’ a Facebook spokesman said.

“Facebook plans to allow its users to buy Libra and store it online in a digital wallet called Calibra. It would then be transferable between users and could eventually be used to pay bills or buy things.”

Continue to read the full story on BBC.com.

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