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Libra Project by Facebook Triggered an Enormous Controversy

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After the presentation of Libra’s White Book by Facebook, hot disputes ran high among the global financial elite. Some say that the new project will fully comply with the requirements of the legislation, while others see it as a threat and demand to stop the development of the global cryptocurrency to fully investigating all the details.

Officials and Deputies Criticism over the Project

Republican Patrick McHenry demanded to convene a hearing in Congress on Libra implementation. Until then, he considers it necessary to freeze all the work. The elected official fears that the principles laid down by Facebook will have a negative impact on the global financial system.

Senator Sherrod Brown said that there are risks of leaking personal data. Since Libra will be a global project, it does not have a single center. As a result, regulatory mechanisms are not clear.

According to Brown, Facebook is already too big. In the absence of adequate oversight, it is able to turn into an uncontrolled organization. Although Libra is registered in the American FinCEN as payment system operator, politicians consider this insufficient. Perhaps some irritation is caused by the fact that the headquarters of new association will be located in Geneva.

European View on Global Cryptocurrency

Mark Carney, the Head of the Bank of England, was among the few people who supported new initiative. He said that it could fully comply with all the regulators requirements. Although its scale is enormous, Facebook will be able to cope with this task. Bruno Le Maire, the Minister of Economy of France, was his opponent. He said that total control over Libra is now required, and it is highly unlikely that new cryptocurrency will receive permission to be used as a means of payment.

The French Minister’s words are similar to words said by the Russian Head of the Finance Commission of the State Duma. Anatoly Aksakov is sure that Facebook cryptocurrency will be banned in the Russian Federation.

Bruno Le Maire asked the company to suspend all work until clarity was introduced. Markus Ferber, a member of the European Parliament from Germany, agrees with him. He also insists on the total control over cryptocurrencies.

The Split in the Financial Elite

Judging by the incoming information, a significant part of officials and politicians are frightened by future outlook. In case of successful project’s implementation, Libra new cryptocurrency will radically change the global financial structure. It will break the Central Banks monopoly of issuing money and deprive credit institutions of fraction of revenue from remittances.

The number of Facebook users has exceeded 2.3 billion people. Almost every third inhabitant of the Earth uses its services.

Apparently, the company foresaw such a stir and opposition. For this reason, Libra Association was created. It will include one hundred of the most influential organizations in the world, and they will manage the new network. Facebook itself is content with the title of one among equals. Disturbance that was created around the new cryptocurrency shows that this is the only possible option of project implementation. Even received support from the association members, it came across serious opposition from the old elite.

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