House Representatives Ask Facebook to Halt Moving Forward with its Cryptocurrency

In the beginning of July 2019, four members of Congress in leadership roles in various committees in the House of Representatives issued a letter to Facebook’s executives calling for Facebook “to agree to a moratorium on any movement forward” with its proposed cryptocurrency, Libra, and proposed digital wallet, Calibra, citing concerns over “privacy, trading, national security, and monetary policy[.]”    In June 2019, Facebook announced its plan, which had been in development for a year, to create a cryptocurrency backed by financial assets assembled by the…
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