Facebook Libra

Facebook Crypto Libra Faces First Hurdle: Lawmakers Voice Opposition Citing Privacy Concern

The ghost of user privacy and data leaks is back to haunt Facebook again. It’s not even one day past the release of the whitepaper of crypto project Libra, there is a wave of opposition rising against the Facebook crypto. Maxine Waters, head of the U.S. House of Representatives Financial Services Committee wants Facebook to temporarily halt activities related to Libra. The social media giant may have to give clarifications regarding its project to the lawmakers.

Waters further says that there are no regulatory frameworks that define any secure mechanism for Facebook’s investors and consumers. Previously the Palo Alto firm had not been careful with the privacy of its user’s personal data. Also, Senator Sherrod Brown vehemently opposes Facebook crypto Libra. He says the social media had earlier leaked user data. It should not be allowed to run a cryptocurrency which will have governance from a Swiss foundation.

Libra cryptocurrency will operate on the Libra blockchain. Facebook claims that with Libra, payment transaction will be simpler and faster. All of the platforms of Facebook such asĀ  WhatsApp and Instagram will also support the new crypto as a payment tool.