Business

Lawmakers Urge Facebook to delay Libra

On Tuesday, a group of congressional Democrats asked Facebook to delay the rollout of its newly launched digital currency, Libra. The demand has been raised by the lawmakers on Tuesday as they want the rollout of this currency until regulators get a chance to evaluate any potential risks to the global economy.

A letter has been sent to the CEO of Facebook, Mark Zuckerberg, Chief Operating Officer- Sheryl Sandberg and the CEO of Calibra, the company’s new digital wallet by Lawmakers on the House Financial Services Committee to urge to Facebook to put this plan of launching Libra as a digital currency on hold for a short time of period.

Facebook has recently announced to launch a digital currency in 2020. This will also allow people to make payments via Facebook’s apps and WhatsApp. But the lawmakers want the social media giant to wait until the US Congress examines the Project.

Democratic Congresswoman Maxine Waters seems not convinced with Facebook’s project of digital currency. She said that Facebook has a troubled past. She further adds, “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.”

Facebook plans to introduce its digital currency to its users. The user can buy the Libra and can store it in Calibra, an online digital wallet for it. The currency will be transferable and users can use it to pay their bills. If it gets approved then Libra can be the one of the world’s largest financial market where billions of people will do the money transactions daily so it has to be trusted. The services of Libra will be available to any user in the world with a smartphone and its charges will be as low as free so it may get popular instantly.  As of now, Facebook is working with the lawmakers to take all the process for launching Libra forward.

About the author

Esther Smith

Esther Smith

Esther has worked as a journalist for a print-based magazine for 2.2 years. She is an MBA from a reputed university. She brings together relevant news pieces from various industries especially Business.

1 Comment

Click here to post a comment

Quick Contact!

To get in touch with The Bulletinland.com for any queries or feedback, please send an email to admin@bulletinland.com. And, we will get back to you shortly.

Get the News Directly in Your Mailbox!

Enter your email address:

Delivered by FeedBurner