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US lawmaker still says concerned about Facebook cryptocurrency



WASHINGTON: The chairman of the US House Financial Services Committee said Sunday (Aug. 25) that she remained concerned about Facebook's plans for a digital currency after meeting with Swiss authorities as Facebook said it would regulate it.

"While I appreciate the time the Swiss authorities took to meet us, my concerns about letting a large tech company create a privately controlled, alternative global currency," Congresswoman Maxine Waters said in a statement.

Facebook is trying to get Washington on its side after the social media company shocked regulators and lawmakers with the announcement in June that they hoped to launch a new digital coin called the Weight in 2020.

Politicians and economic watchdogs at home and abroad are concerned about the impact of widespread adoption of Libra by Facebook's 2.38 billion users on the global economic system.

T He will be issued and administered by Geneva, Switzerland-based "Libra Association", Facebook has said.

Waters met with representatives from Switzerland's State Secretariat for International Financial Affairs, the Federal Data Protection and Information Commissioner, the Financial Market Supervisory Authority and Swiss lawmakers.

The Swiss officials were helpful in understanding "the status, complexity and scope of Facebook's plans," she said.

US lawmakers based Facebook on the plans. at a hearing of Waters' committee in July, saying that the company had not shown that it could rely on it to safeguard the world economic system and consumer data.


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