Congress condemns Zuckerberg over Libra crypto-currency plans

Recently, the founder of Facebook gave an announcement. In which, he talked about a new crypto currency known as ‘Libra’. Libra is a digital currency proposed by the social website. According to them, it focuses on financial inclusion. Along with that, it is cheap, stable and an easy way for market dealings.

Congress condemns Zuckerberg over Libra crypto-currency plans

Currency’s experimental code of this currency was launched. Before its formal inception, USA’s Congress has denounced it. They have showed resentment due to some security issues. The US legislators seem threatened by the currency development. They made accusations that Mark had lied to us in the past. And this Libra currency isn’t safe. There is a risk that it could be used by terrorists, criminal or any other extremist organization.

Concerns range from money laundering to terror financing. That’s a big issue now a days. Because criminal and terrorist organizations have learnt the art of hacking.

There has also been another setback. There was a team of 28 members who initiated Libra association. And eight among them who have pledged to govern the currency pulled out. They include Master Card, Visa, eBay and PayPal.

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Mark Zuckerberg in response ensured the authorities about its compliance. He said if there will be any risk to national security then he will retreat. He also said that this currency can provide payment accounts to almost one billion adults. So, it will ease the payment problems. But congress thought the opposite. According to them, there is a clear chance of money laundering and even a shift in the global economic system. Therefore, this threat must be deterred.

Apparently, Facebook is making claims that it is doing this for easing users. Actually, this is not the case. Facebook can ascribe dominance in the market through its own payment system. And can even compete the floating exchange system.