Cryptocurrency

Facebook’s Libra Token Back in Action, As Delegation from US to Visit Switzerland for Discussions

Ever since it was unveiled on June 18, Libra has been in the headlines, mostly for controversial reasons. From the US Congress to the Senate, from the US to the UK, lawmakers everywhere had polarizing views about the token. While a few of them felt that this Libra could help curtail illegal activities and promote formalized banking for the those who were left out, the majority took it as a threat to the US Dollar and other fiat currencies.

 

The impact was such that even the US President Donald Trump, who hadn’t spoken about crypto prior to the release of Libra, tweeted against Bitcoin and labeled it as a tool for anti-social activities like drug trafficking and money laundering.

 

Taking things further, a delegation of US Lawmakers is about to visit Switzerland. Democrat Congress Rep. Maxine Waters will be leading the delegation of six lawmakers, in the meeting with the Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger.

 

After lashing out Facebook with severe criticism, Waters had stated that by launching its token, Facebook would gain unimaginable power which could help it disrupt governments and regulatory authorities, like the central bank and enforcement agencies.

 

Soon after the coin was unveiled, she had taken charge against it, comparing it with scandal-ridden companies like Wells Fargo, and Equifax, which caused losses to millions in the US.

 

Along with Waters, several others like Brad Sherman criticized Libra, and have demanded the company to stop its work of the project, until sufficient due diligence by the government authorities isn’t completed.

 

Libra’s project lead, David Marcus, has assured that the company won’t proceed until the authorities and lawmakers are completely satisfied. He had earlier argued that Libra would help curtail money laundering and other evil practices, instead of promoting them.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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