acebook's Cryptocurrency, Libra Is Demanded a Temporary Suspension of Development by U.S. Organizations or Lawmakers

After Facebook's latest announcement, "Libra," failed to respond to questions from various groups, groups and some members of Congress demanded a temporary suspension of the virtual currency.

In an open letter released yesterday (July 2nd), more than 30 organizations, including the Economic Policy Institute (EPI) and the U.S. PIRG, have asked the U.S. Congress and regulators to suspend the virtual currency Libra until it is able to respond to key questions raised from its virtual currency development plan.

Facebook is working with 27 partners to start Libra and is also expected to launch a new digital wallet that can be used in Messenger or WhatsApp. Libra is available for product purchase, cross-border remittances and donations. It is expected to be managed by the Libra Association and secured with stable financial assets and begin operations in the first half of 2020.

Some lawmakers called on the company to temporarily suspend its Libra development plan, pointing to the ongoing scandal that seems to be endless for Facebook. In an open letter on Monday, Libra argued that there is a problem in everything from national sovereignty to the privacy of consumers.

The U.S. regulatory system is not ready to deal with these problems. The same is true for regulatory systems in other countries or international organizations.

Some Democrats, including Maxine Waters, the chairman the House of Representatives' Financial Services Committee also sent a letter to Facebook executives on Tuesday, demanding Congress and regulators suspend the development of new virtual currency and digital wallets until they deal with privacy and security concerns.

However, Libra Association insists it needs to be discussed with regulators and policymakers by the launch of the planned service in 2020.

In a statement, Dante Disparte, the director of policy and communications at the Libra Association, explained Libra Association's strategy: "the aim of harmonizing regulations, consumer concerns, etc. is not contradictory, but to keep pace with the goal of Libra Association with the goal of providing simple, global currency and financial infrastructure that gives strength to many people."

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