Project Libra Very Existence In Question

Project Libra Very Existence In Question

A draft bill from the US Congress has allegedly found its way online and could spell the end of Facebook’s Project Libra and other similar projects. This will hardly be the first or even the last hurdle for the social media giant’s entry into the crypto industry, but it looks like part of the US government is keen to see the end of the project before it is set to launch next year.

In fact, since the announcement of the Project, the chairman of the US Federal Reserve, Jerome Powell, raised several issues regarding money laundering, safety, and consumer protection during a congressional hearing. Shortly after, US President, Donald Trump, confirmed his distaste for everything crypto, calling it “pretend money”.

The leaked bill is a clear barrier to Project Libra and other similar projects. Its text reads, “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value”.

Although it is not yet clear whether this bill if authentic, and whether it will ever make it to congress, it does mirror growing negative sentiments towards crypto by a number of governmental departments and offices. Few members of congress have shared their view of the industry publically, and it is set to be seen whether the US government will be able to stop a company with over 2.3 billion users worldwide from launching crypto.

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