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0:00:00 Facebook Libra Under Fire Less than 24 hours of Whitepaper Unveiling
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "BitcoinNews.com".
0:00:11 Facebook’s Libra project has indeed gotten the attention of the government yet again and has been requested to temporarily halt the development of the cryptocurrency – less than 24 hours of the unveiling of its white paper – until a full-scale examination of the currency has been carried out by relevant agencies.
0:00:27 According to the Tweet, Facebook’s attempt to create a cryptocurrency was an act of disregard for concerns of data privacy and the social media giant may have simply taken an advantage of the unregulated nature of the cryptocurrency markets to continue its “unchecked expansion and extending its reach into the lives of its users,” says Waters.
0:00:46 Indeed, the concerns are getting real by the day as to whether a cryptocurrency is a right course for Facebook to pursue at this time.
0:00:53 Moreover, privacy issues aside, the rate of adoption of cryptocurrencies could possibly be an indirect concern as well, given that the mobile wallet being developed by Facebook – Calibra, would grant billions of people access to cryptocurrency.
0:01:06 Following this train of thought, it appeared a few from the house may have shared this concern as well, to which one of the long-standing members of the committee, Rep.
0:01:14 Patrick McHenry had initiated a letter to the Chair to call for a hearing in order to assess the ramifications of the project beyond speculations and rumors, noting the huge financial backings as well as the scale of its parent company’s global reach.
0:01:27 From McHenry’s statement, perhaps it could be inferred that Bitcoin and the over 2000 cryptocurrencies in the market today are not as threatening as the one Libra project being developed by Facebook.
0:01:38 Thanks for checking this video!
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