Facebook is having a bad time trying to launch “Libra”
Facebook’s cryptocurrency was one of the most trendings in the cryptocurrency world, the company has major plans into implementing the technology with high expectations. In fact, the white paper was released and details about Libra the coin and Calibra the wallet was announced. Though the senate board asked for clarity about the coin before it’s launch, now some legislators have asked the company to stop continuing the process and activities regarding the cryptocurrency.
The Democratic majority of the House Financial Services Committee drafted legislation that would prevent big tech companies from potentially representing or functioning as a financial institution or issuing digital currency. Though the final word hasn’t come yet, the predictions from Reuters mention that there is very less chance for the legislation to pass the order.
Facebook has a very bad impression within the lawmakers which itself is a very strong reason to stop Libra from happening, though the final result is yet to be announced. Good luck, Facebook.