Jun 19, 2019

Facebook urged to pause Libra crypto-currency project

A US lawmaker has said Facebook should delay the launch of its Libra crypto-currency - hours after the social network formally announced the project. "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. Facebook plans to allow its users to buy Libra and store it online in a digital wallet called Calibra. "We cannot allow Facebook to run a risky new crypto-currency out of a Swiss bank account without oversight," he said in a statement. It's not yet clear how many of Facebook's 2.38 billion users worldwide would make use of Libra - but given the size of the social network, it is possible that the crypto-currency could become a significant financial force.

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