By: Asha Barbaschow
June 19, 2019
Facebook on Tuesday revealed its plans for a long-awaited cryptocurrency play, with Libra slated for launch in 2020.
It is expected Libra will integrate with the company’s apps and services, and go head-to-head with the likes of Bitcoin, but US lawmakers aren’t as excited by the idea as the social media giant is, with Congresswoman Maxine Waters, chair of the House Financial Services Committee, asking Facebook to pause its project.
“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” Waters said in a statement.
“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.”