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Cyber Bitcoin
On June 18th, Facebook unveiled the "Project Libra" white paper for the first time. US Democratic Congressman Maxine Waters immediately called on Facebook to stop the development of the Libra project and asked the company's top executives to accept a congressional inquiry that the company's digital currency will bring privacy and security to global data. What impact.


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Waters, chairman of the Financial Services Committee, said. "Facebook has billions of people and it has repeatedly shown that they are not careful about the protection and use of this data." She believes that Facebook should suspend the development of Project Libra until Congress and regulators review it.

"With the announcement of the plan, Facebook will continue to expand uncontrollably and extend its influence to the real life of users."

US lawmakers call for privacy

Facebook's Libra project white paper was strongly opposed by US lawmakers and national regulators, who feared that Facebook was too large and too careless about user privacy.

"Facebook is too big, it has used this power to take advantage of user data without protecting their privacy." Senator Democratic Party, who is also chairman of the Senate Banking Committee. Sherrod Brown said in a statement: "We cannot allow Facebook to use Swiss bank accounts to transfer riskier cryptocurrencies without supervision."

Democratic Senator Mark. Mark Warner also said he is concerned that Facebook will use Libra to capitalize on the size of its social network to replace the dominant position in related business markets such as mobile payments.

European heads of state worry

At the same time, French Finance Minister Bruno Le Maire called for more regulation of technology companies: "This trading tool will allow Facebook to collect tens of thousands of data, which strengthens my belief - That is, the digital giant needs to be regulated."

Lemaire insists that only the government can issue sovereign goods, and digital currencies like Libra cannot be regarded as a substitute for traditional currencies. In addition, he also called on the central banks of the Group of Seven (G7) to prepare a report on Libra, which is going to be discussed at the July meeting.

However, Bank of England Governor Mark. Mark Carney said he is open to the product's potential, but also warned that Libra is likely to face fairly stringent regulation.

Facebook executives said they had negotiated with the US and foreign regulators about the planned cryptocurrency; a US regulator also briefly explained the matter, saying Facebook has communicated with US regulators - but In addition, it is unclear how Libra will be built and whether it will be directly attributable to any existing US regulatory regime.

The Swiss financial regulator said it is in contact with the Libra project's head, but declined to respond to a special regulatory approval or status.

Senior German Congressman Marcus of the European Parliament. Markus Ferber said in a statement that Facebook's new currency should make "regulators highly vigilant" and called on the European Commission to begin to develop a virtual currency regulatory framework. He warned that Facebook with more than 2 billion users could become a "shadow bank". Faber said,

"Multinational companies like Facebook cannot allow them to regulate the operation of heaven when importing virtual currency."

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