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Home / Business / Bitcoin drops nearly 13% as Facebook's crypto plans are upsetting US senators

Bitcoin drops nearly 13% as Facebook's crypto plans are upsetting US senators



  Bitcoin Drops Nearly 13% as Facebook's Crypto Planes Worry US Senators

(Kitco News) – Bitcoin's popular digital currency fell nearly 13% on Tuesday, as US lawmakers blamed Facebook their future crypto planets and this increased verification of digital coins.

Bitcoin was last at $ 9,493.40 after Kitco's aggregated charts exceeded $ 13,000 last week.

The cryptocurrency faltered when the Senate Banking Committee asked Facebook manager David Marcus about the technology giant's plans to launch its own digital currency called Libra in 2020.

Facebook's plan has raised some serious concerns, Senator Sherrod Brown said that the company "does not deserve our trust by scandals after 1

945 [showed]" and that "we" I would be crazy to give them the chance to experiment with people's bank accounts.

Mistrust of Facebook has also been voiced by others, including others under Republican Senator Martha McSally. "I do not trust you … Instead of cleaning up your house, you start a new business model," said McSally.

In the beginning, Bitcoin made the news that Facebook is introducing its own cryptocurrency with Bitcoin fans projecting greater global acceptance. But shortly after the announcement in June, Facebook was back in the hot place.

Facebook's Marcus, former President of PayPal, tried to reassure US Senators and stated that Libra would not start until all legal concerns have been resolved.

"We know we need to take the time to get it right," said Marcus. "We built this to separate social and financial data, as we heard loud and clear that these two types of data streams should not be linked. That's why the system is designed that way. "

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Last month, the Facebook crypto project was criticized. Just last week, US President Donald Trump tweeted that he was not a "fan of Bitcoin and other cryptocurrencies."

The "virtual currency" of the Facebook Libra will have little reputation and reliability. If Facebook and other companies want to become a bank, they must seek a new banking charter and, like other national and international banks, be subject to all banking regulations, "Trump said Thursday.

Trump's comments followed Federal Reserve Chairman Jerome Powell's statement emphasizing that Facebook needs to address "serious concerns" about "privacy, money laundering, consumer protection and financial stability" before moving on with Libra.

Marcus will also testify before the House Financial Services Committee on Wednesday.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a request to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no liability for any loss or damage arising out of the use of this publication.


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