US lawmakers writes Facebook to suspend Libra

Libra

After raising various concerns via myriads of soundbites, American lawmakers are hell-bent in pushing for the suspension of Facebook Inc’s digital currency project, Libra.

In a scathing letter, four Democrat lawmakers wrote a joint letter addressed to Facebook’s founder and CEO Mark Zuckerberg, COO Sheryl Sandberg and Calibra CEO David Marcus.

The letter called for an immediate ‘moratorium’ on the Libra and its digital wallet, Calibra citing various reasons, including the concern that the digital currency could create “an entirely new global financial system that is based out of Switzerland and intended to 1ival U.S. monetary policy and the dollar.”

“This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy,” the letter said.
the broader global economy.

They requested that Facebook refrain from going ahead with the project pending when the House Financial Services Committee and affiliated subcommittees carry out hearings on the matter.