Post by account_disabled on Mar 13, 2024 22:44:24 GMT -5
Read more: This is Libra, Facebook's Bitcoin: you can use it with WhatsApp, based on blockchain and with 28 partners By nominally ceding control of the cryptocurrency to the Libra Association , Facebook may seek to insulate itself from criticism about its expansion and power, but lawmakers are still criticizing Facebook for it. US Senator Sherrod Brown, ranking member of the Senate Committee on Banking, Housing and Urban Affairs, also expressed concerns about digital currency oversight. " Facebook is already too big and too powerful , and has used that power to exploit users' data without protecting their privacy.
We cannot allow Facebook to manage a risky new cryptocurrency from a Swiss bank account without oversight. I call on our supervisors to look closely at this to ensure users are protected," he said in a statement. European politicians SW Business Directory have also sounded the alarm . French Finance Minister Bruno Le Maire has said Libra should not be allowed to become a "sovereign currency", while European Data Protection Supervisor Giovanni Buttarelli has warned that "any further concentration of personal data" poses "additional risks to individual rights and freedoms " in an interview with Business Insider Germany .
Markus Ferber, a German MEP, explained that the new currency could turn Facebook into a "shadow bank" that should "sound alarm bells for regulators." Francesco Boccia, an Italian politician, has also expressed concern about it, arguing that Libra will join existing cryptocurrencies "without regulation." When contacted for comment, a Facebook spokesperson implied that the company would not halt the development of Libra , as Waters has requested. In a statement, they assured that "we look forward to answering legislators' questions as this process progresses.