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On June 18th, social media giant Facebook released a white paper on Libra. The stable currency, called Libra, will operate on the local blockchain of the same name and will be supported by a basket of reserve currencies that “are intended to give intrinsic value and reduce volatility risks”.
After the project was announced, US regulators expressed concern about the possible impact of the project on financial stability. Maxine Waters, chairman of the US House Financial Services Committee, asked Facebook to suspend the development of the project during the investigation of the project by the regulator. He said:
“In view of the company’s problems in the past, I asked Facebook to agree to suspend any action to develop cryptocurrencies until Congress and regulators are able to review these issues and take action.”
According to reports, the Banking Committee will hold a hearing on July 16 called "Reviewing Facebook's Digital Currency and Data Privacy Issues."
Federal Reserve Chairman Jerome Powell said in a speech on interest rates on Wednesday that Facebook has consulted the regulator before launching the project:
“Facebook has had extensive exchanges with regulators, regulators and stakeholders around the world and discussed their plans, which of course include the Federal Reserve.”
Government officials from other countries also expressed doubts and concerns about this new project. French Economy and Finance Minister Bruno Le Maire said the government intends to ask Facebook to provide assurances about the Libra project.
Cointelegraph had previously reported that Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, also said that Russia would not legalize the use of Libra.