and start reading up on cryptocurrencies.īrian Sozzi is an editor-at-large and co-host of ‘ The First Trade ’ at Yahoo Finance. So as Moore said, lawmakers would be wise to realize Libra is coming. That’s unlikely to happen much to Waters’ disappointment. Waters called for Facebook to temporarily halt its Libra development until lawmakers had time to assess the situation. “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,” outspoken senator Maxine Waters (D-Calif,) said in a statement. I'm concerned about their size, I'm concerned about their anti-competitive conduct, I'm concerned about their rampant violations of privacy,” Hawley explained. “We need to see exactly what their specific proposals are, but I'm very concerned about Facebook's behavior on a range of fronts. Josh Hawley (R-Mo.) told Yahoo Finance the launch of Libra can be viewed as Facebook “expanding their monopoly.” Meanwhile, politicians in Washington DC haven’t wasted their moment to launch a new attack on Facebook. (Photo by Thomas Trutschel/Photothek via Getty Images) The logo of the crypto currency facebook Libra is displayed on a smartphone on Jin Berlin, Germany. As the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities - national and international - is crucial.” The agency continued, “The aim should be to respond to big techs' entry into financial services so as to benefit from the gains while limiting the risks. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation,” the Bank of International Settlements warned in a blog post on Sunday. “Big techs have the potential to become dominant through the advantages afforded by the data-network-activities loop, raising competition and data privacy issues. Several big-name companies such as Uber, Lyft and PayPal are on board to support the rollout of the platform, which is expected to go live in the first half of 2020.Īs no surprise, criticism and various concerns of Facebook entering financial services popped up all over the place. Dubbed Libra, the crypto will let people buy things or send money with no fees. “I think on balance it’s a good thing ,” Moore added.įacebook took the wraps off its long awaited cryptocurrency project last week via a lengthy white paper. Moore contends he has been “studying up on cryptocurrencies” and that central bankers best realize a world with credible cryptos “is coming.”
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