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Facebook should not be trusted with 'crazy' cryptocurrency plan, say US senators

Updated : July 17, 2019 07:35 AM IST

Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a cryptocurrency called Libra in 2020.
The social media company has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook's 2.38 billion users could upend the financial system.
Lawmakers raised a range of concerns, including about how the company plans to prevent money laundering, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated.
Facebook should not be trusted with 'crazy' cryptocurrency plan, say US senators

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