By Hassan Mehmood (Saudi Arabia)
Maxine Waters, the chairwoman of the Financial Services Committee of the United States, met with the Swiss lawmakers to discuss the Libra cryptocurrency, a project by leading social media giant, Facebook. Waters still have concerns over the digital asset of Facebook as according to her it may challenge the US dollar in the future.
Challenged the US dollar
Since the publication of the white paper of Libra, it remained the big headline of the media industry related to Finance as it challenged the US dollar and centralized banks. The government officials are very active since its announcement as Facebook is going to launch its own digital currency privately and have full control over it.
Meeting between State Officials
Recently a meeting was held between the Financial Services Committee headed by Waters and Federal Data Protection and Information Commissioner (FDPIC), State Secretariat for International Financial Matters (SIF), Financial Market Supervisory Authority (FINMA) as well as Swiss regulators to discuss the issues about the cryptocurrency of Facebook.
She said after discussing the matter with Swiss officials:
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.
Concerns over Libra
Maxine is still surrounded by a lot of doubts since its date of the announcement. She stated that the finance committee will continue to examine and review it until all the doubts will open up. She expressed that the digital asset of a big tech company and its wallet called Calibra will remain under strict scrutiny under her presence.
Also read:In July, during the inquiry, she asked David Marcus, head of the project, for a moratorium:
Will you stop dancing around this question and commit here in this committee … to a moratorium until Congress enacts an appropriate legal framework to ensure that Libra and Calibra do what you claim it will do?
In response, he said that Libra will operate on the framework of regulations and laws implemented by the government and is very serious about sensitive issues such as money laundering, drug trafficking, terrorist financing, etc.
In order to proceed towards its operation, Facebook will have to face the hurdles and clear his motive behind the issuing of cryptocurrency.
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