In a letter addressed directly to the CEO of the social media giant, Mark Zuckerburg, a contingency of American lawmakers expressed their concern about Facebook's Libra initiative.
The letter also addressed the planned crypto project's other members, calling on the company to postpone its planned Libra currency launch. The timeline of the business places the planned official launch near 2020 somewhere. It seems that these products will lend themselves to a completely new global financial system centered in Switzerland to counter U.S. monetary policy and the dollar.The letter also raised concerns about the ability for the global economic structures to implement such a powerful new crypto network.
Facebook replied to the letter by reflecting on their excitement of meeting the lawmakers in person and addressing the prevailing problem with them at the forthcoming scheduled hearings. The lawmakers have underlined the' troubled past' of the social media company, including the massive data leak that was recently revealed to have occurred through the Cambridge AnalyticaScandal, in the said letter.
Government officials opposed the activities of social media point out that the company's ever-growing customer base and increasing operations made it necessary to introduce some new and stricter regulatory measures.