What Is Facebook Libra Project And Why US Lawmakers Have Called For An Immediate Halt To Facebook's Cryptocurrency Project Libra?

What is Facebook Libra Project:

Facebook has launched a Libra project that is related to the currency.  Libra project is a new sort of digital money for the millions of people who are using social media. Facebook is the most renowned and useful platform for all the people, because, people are connecting with the world through this platform. Libra plan is very successful, because, people are using it all around the world. The Libra currency is well known on Twitter, messenger, and Instagram. Hundreds of merchants use MasterCard and Uber.  The people will not be able to use this Libra project for a long time, because, it has some specific rules for its users.

Concern Of US Lawmakers Toward Libra Project

A worse the thing about Facebook is that it has not provided digital currency on Whatsapp. Facebook Libra project is like a digital wallet card which we use to sends money. Libra currency holds the dollar sign. The question is, why US Lawmakers have called for an immediate halt to face book’s Cryptocurrency project Libra. Actually, US lawmakers demand facebook halt “Swiss-based project, because, they do not like the Libra project. Maxine Waters, the chairmen of the US Congress House Financial Services Committee do not like the facebook Libra project. All the members of the United States have committed that this project is not good for national security. Libra project is a threat to the Geneva policies.  The committee of Maxine Walters has demanded “moratorium on any next moment for Libra”.

The financial system is at risk:

Lawmakers have called for an immediate halt to facebook’s Cryptocurrency project Libra for the current financial system, because, this project is dangerous for new policies. They have demanded new rules and regulations for this policy that should be discussed and checked strictly. The rules and regulations are not properly regulated and they can harm to global financial stability. The financial system is totally at risk, therefore, lawmakers have raised a sign that this policy and currency should be changed though not completely yet should be checked again.

Libra project is facing privacy problems:

Another reason for the immediate halt is that the Libra project can be harmful to serious privacy. It is not related to national security but it is related to the money that is harmful to security and trading. Libra project can become the target of hackers and they can hack personal information of any person. It is related to the privacy and security policies; therefore, lawmakers have called an immediate halt for the Libra project and its currency. It is not completely safe for all the people who are using it for their earning purposes. 

Facebook is a chain and hundreds of people concern on it and Libra project are related to the address. People are bound to present their personal address. For weak rules and regulations, people can become the victim of hackers. To nutshell the above discuss we can say that lawmakers have rightly demanded immediate halt just for the security of the public. Facebook and other social media platform should allow people to receive complete details about their accounts and digitals tokens.

Author Bio: 

Ana Rodulf is a content writer and blogger affiliated with The Academic Papers UK. Her favorite subjects are social sciences, media, and communications as well as the latest tech trends.