Facebook is faced with considerable criticism after the publication of Libra white paper

facebook libra whitepaper

Yesterday , the white paper from Facebook’s own cryptocurrency , Libra, was unveiled. After a long wait, it finally became clear what the cryptocurrency is and what the purpose of the company is with the crypto. Now that the white paper is public, the responses are pouring in. Worldwide, Libra is faced with serious criticism from politicians and banks.

The French finance minister, Bruno Le Maire, believes that the French central bank should thoroughly investigate the project. He believes that Libra should definitely not become a sovereign currency, he explains during an interview with the radio channel Europe 1:

It is out of the question … [for Libra to] become a sovereign currency. It cannot and must not happen.

Le Maire indicates that one of his biggest concerns comes from the fact that Facebook is a very large company. In his speech, he also cites the collection of data, something that Facebook has become notorious for:

With this money, this company can collect even more data, so that our determination to regulate internet giants only increases,

Libra and Facebook are not only confronted with criticism in Europe, but there are also many concerns in the company’s home country. The democrat and chairman of the House Financial Services Committee, Maxine Waters, published a statement shortly after the announcement of the white paper. In it, she states that Facebook must immediately stop developing:

Given the troubled past of the company, I request that Facebook agree to stop any move forward in developing a cryptocurrency until Congress and the regulators have the opportunity to investigate these issues and take action,

Facebook strives to make Libra available everywhere in the world. To do this, it must comply with very different legislation, something that has been very busy in recent months. Given the negative reactions of politicians in Europe and the US, it seems that Facebook still has a major task ahead.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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