US FINANCIAL SERVICES COMMITTEE REQUESTS HALT ON FACEBOOK’S CRYPTOCURRENCY

US FINANCIAL SERVICES COMMITTEE REQUESTS HALT ON FACEBOOK’S CRYPTOCURRENCY

In the latest development of Facebook’s cryptocurrency, Libra, the United States House of Representatives’ Financial Services Committee Chairwomen, Maxine Waters, has requested that Facebook put a halt to the development of its cryptocurrency.

Waters, in a statement provided, explained,

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

What has bought this decision to light by the Financial Services Committee is unclear for now. However, we do expect further information to come to light in the very near future.

Patrick McHenry, also a member of the Financial Services Committee has responded to the development of Facebook’s cryptocurrency, by stating,

“It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumours and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”

Have no fear, Bitcoin (BTC) is still alive and holding strong, and you are still not too late to start your mining journey.

Currently the price of BTC, at time of press, is $9,274.72 +2.14%.

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