US regulators are still concerned about Libra

US regulators are still concerned about Libra

The US House Financial Services Committee representative declared on July 25 that Facebook purposes about developing a digital currency are still bothering her even after meeting the officials in Switzerland.

Maxine Waters stated that she appreciates the time that administration of Switzerland spared for meeting them, but her concerns endure with letting a giant tech corporation to design a secretly regulated, alternative global currency.

After the announcement that it wants to launch Libra, Facebook is attempting to get Washington on its side. Economic experts and policymakers all over the world are worried about the influence that this currency can have on its billions of users and how Libra can modify the global economic system.

She mentioned that the Swiss officials were important in the process of learning the complexity, status and importance of social media plans.

Waters’ committee has already bashed Facebook over its projects, saying that the social media giant had not proved that it could be granted to safeguard consumers’ data and the global financial system.

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