US lawmakers have asked Facebook to postpone its cryptocurrency

Image: Libra

Concerned about the potential effects it may have on the global financial system, House Democrats in the US have officially requested that Facebook halts the development of its Libra cryptocurrency.

A letter was sent to the CEO Mark Zuckerberg today from Rep. Maxine Waters, the chairwoman of the House Financial Services Committee, reading: “Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these risks and take action.”

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability,” Waters writes. “These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”

Facebook is yet to respond.

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