Libra meeting in Switzerland: Doubts about Facebook's Bitcoin descendant

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The six-person US delegation led by Maxine Waters leaves Switzerland again. Following meetings with Swiss politicians on Facebook's Bitcoin competitor Libra, the Chair of the Banking Committee continues to be concerned. The delegation plans to continue on the topic of cryptocurrencies on its journey.

As the Bitcoin price continues to move sideways, a corporation continues to rock the tide: Facebook continues to engage with its plan to release its own cryptocurrency called Libra, as well as the community, regulators and government officials.

Just last week, a US delegation traveled to Switzerland to get information and insights into Facebook's Bitcoin competitor Libra. In fact, Facebook chose Switzerland as the location of its crypto project. Now head of delegation Maxine Waters takes stock of the first leg of her journey. The United States House Committee on Financial Services released a press release on this on August 25. Indirectly, the big difference between Bitcoin and Libra is addressed: while BTC is a decentralized currency without an institution, Libra is a private company.

So Waters clearly states:

While I appreciate the efforts of the Swiss government officials who invested their time to meet us. However, my concern continues to be the fact that a large tech company is allowed to create a privately controlled, alternative global currency. I am still looking forward to leading our Congress delegation. Among other things, I would like to explore questions of this kind in more detail. We will also discuss money laundering and other issues related to the legislation of the committee.

Waters delegation travels through Europe and the Middle East
Waters heads a six-member expert group that will travel throughout Europe and the Middle East during the congress break in the United States. In addition to Swiss politicians, the delegation also met the Swiss data protection and public relations commissioner Adrian Lobsiger. Other representatives of important financial and information authorities also participated in discussions. Overall, however, the Swiss regulators do not seem to have had a particularly reassuring effect on the US delegation. After all, Switzerland is more concerned with concerns about Facebook's Libra plans than with any criticism yet - unlike the US. There, the Bitcoin descendant is heavily debated.

Just last month there was already a hearing of the House Financial Services Committee on Libra. The banking committee, chaired by Maxine Waters, has always been skeptical of Facebook's plans for its own cryptocurrency. Bitcoin, on the other hand, was mostly a bit calmer; Here, too, the difference between the Group currency and the decentralized cryptocurrency played a role.

Representative Waters already sent a letter in July to the CEO and founder of Facebook Mark Zuckerberg. In it, she called for an immediate moratorium on Zuckerberg's Libra plans. The implementation should be paused until Congress has developed an appropriate legal framework.

In contrast to Bitcoin Libra has a responsible person
However, it is not just Maxine Waters as the representative of a financial regulator who is currently putting Zuckerberg in distress. Data protectors and consumer representatives around the world, but especially from Europe and North America, are also putting pressure on Facebook. A common questionnaire of international privacy advocates addresses the dangers of cryptocurrency for citizens. The authors of the catalog are especially concerned about the fact that Libra can quickly become a fully functioning global financial infrastructure. However, the role of data protection remains unclear.

Libra vs. Bitcoin
At Bitcoin, on the other hand, several US Congressional officials have already recognized that the largest cryptocurrency by market capitalization can not be banned. In contrast to Facebook's Libra, it lacks the opportunity to hold a company accountable. Bitcoin has as a focal point ultimately only decentrally distributed server, while Facebook must strive for a fixed location.

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I actually cannot wait for libra. It is gonna be a failure of epic proportions for facebook (called it out now!) i can't really wait for it to happen ;p I mean, it is a safe, secure, private and fast way to send money as long as you send facebook a copy of your current state ID or valid drivers license... sure thing, bro...
Very nice artice, keep it up!