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Facebook assures congress of Libra coin compliance to regulation

Facebook assures congress of Libra coin compliance to regulation

July 10, 2019 | AtoZ Markets – With the scorching opposition wave against the Facebook Libra coin escalating and taking further dimensions, as central banks of most countries around the world are pointing the finger at the organization, David Marcus, the head of Calibra at Facebook, has submitted a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee prior to the anticipated Libra hearing.

Marcus, who is not only the head of Calibra, but also the co-creator of Libra, signaled in his letter, “I want to give you my personal assurance that we are committed to taking the time to do this right.”

The letter comes after a record of communication between the organisation and the congress in investigation of the Libra coin, since Facebook published its white paper.

Facebook Libra Coin stirs officials’ concerns!

These “interrogative” communications between the two sides started mid last June, as the congressional representative Waters expressed in a letter her concerns about the crypto currency in question here, who said:

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

Waters, along with the House of Representatives Committee on Financial Services, requested as well that Facebook and its partners impose an official moratorium on Libra development.

In retrospect, a coalition of advocacy groups submitted, on July 2, a letter with their own questions, requesting as well for a moratorium on development of Libra.

It is worth mentioning in this context that the stablecoin-like Facebook Libra has been met with suspect so far by many central banks over the globe, as AtoZ Markets reported.

The headlines read as well that governments are calling for issuing their own cryptocurrencies, in preparation for the Facebook Libra Coin that, up until now, has stirred fear of causing financial instability over the world.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.