WASHINGTON: US House of Representatives Finance Committee Chairperson said on Sunday (August 25) that she remains concerned about Facebook's plans for a digital currency after hitting government officials in Switzerland, Facebook announced had that they would fix this.
I appreciate the time it took the Swiss government officials to meet with us, but I'm still worried about allowing a large technology company to create a privately controlled, alternative global currency, "said Congresswoman Maxine Waters in a statement.
Facebook is trying to bring Washington to its side after the social media company shocked regulators and lawmakers with the June announcement, in 2020 a new digital coin called
Domestic and foreign policymakers and financial leaders are worried about the impact of the widespread introduction of Libra by Facebook's 2.38 billion Facebook users on the global financial system.
T The currency is getting loud Facebook issued and administered by the Geneva-based Libra Association.  Waters met with representatives of the Swiss State Secretariat for International Financial Matters, the Federal Commissioner for Data Protection and Information, and the Financial Market Authority and Swiss Legislators.
The Swiss officials were helpful in understanding the "status, complexity and extent of Facebook's plans." At a Waters committee hearing in July, the company said it had not proved that one could rely on the protection of the world financial system and consumer data.