U.S. Federal Reserve Governor Lael Brainard strongly criticized Facebook’s digital currency, Libra, on Wednesday. Brainard argued that Facebook’s digital currency project will face numerous regulatory challenges before it could be considered viable for public use.
In a hearing today before the House Financial Services Committee, Facebook CEO Mark Zuckerberg stated he “didn’t know” if his company’s new Libra cryptocurrency would work.
Speaking at a hearing of the House Committee on Financial Services today, Facebook CEO Mark Zuckerberg echoed a point often made at Breitbart News and by conservatives — that trade links with China have harmed rather than helped the cause of freedom.
Facebook’s Libra cryptocurrency has been dealt a major blow as partners eBay, Visa, Mastercard, and Stripe announced in quick succession Friday that they are withdrawing from the project.
Two Senate Democrats have reportedly urged payment processors Visa, Mastercard, and Stripe to drop out of their partnership with Facebook’s new Libra cryptocurrency.
France, Germany both agree to block Libra currency
Facebook’s embattled project to build its own cryptocurrency, dubbed “Libra” by the social network, may not happen at all, according to an SEC filing by the company.
Tech giant wants to change way people trust each other on internet
During a recent hearing before the Senate Banking Committee, Senator Tom Cotton (R-AR) grilled a representative from Facebook about online censorship, financial blacklisting, and its Libra currency. He questioned what the progressive tech giant would do when a consumer wished to use Libra to subscribe to Breitbart News as opposed to a left-wing publication.
President Donald Trump faced a backlash from his online supporters last week after he condemned the Bitcoin cryptocurrency as “highly volatile” and a facilitator of illegal activity. Trump called for Facebook’s new “Libra” cryptocurrency to be regulated like a bank.
Fed Chairman Jerome Powell has stated that Facebook’s digital currency Libra cannot be allowed to operate until concerns about the project are addressed.
Centralized cashless system to destroy freedom
Facebook plans to launch its own currency named Libra in 2020. The Silicon Valley Masters of the Universe have unveiled more details about how the currency will operate, including a promise of privacy for its user, and the fact that the currency will be “governed” by the “Libra Association,” a group of Mark Zuckerberg’s fellow elites based in Switzerland.