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US Still Apprehensive About Libra, After Switzerland Visit

27 Aug 2019

After a delegation of Indians visited Switzerland last year to understand, cryptocurrency and their regulations, recently a team from the United States of America, visited the country to assuage their views on cryptocurrency project Libra.Congresswoman Maxine Waters, the one who called for Libra to halt its project, so that the US Congress could review it, said, “Last month, the House Financial Services Committee held a hearing to examine Facebook’s proposed cryptocurrency, Libra, and its impact on consumers, investors, national security, and the American financial system. As I said then, that hearing was just the first step in our oversight and legislative process. Today, my colleagues and I are departing Switzerland after meeting with the government officials that Facebook claims would regulate the Swiss-headquartered Libra Association, which will issue and manage the Libra currency. Our discussions with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators were helpful in understanding the status, complexity, and magnitude of Facebook’s plans.”Despite the visit, Waters said, “While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.”In June she had said, “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. 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.”Facebook’s announcement on its cryptocurrency project had led to a severe backlash from US lawmakers, who were already apprehensive about the social media giant’s lax security, concerning users’ data.Liked what you read? Join us on Telegram

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