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17 Oct 2019
2 min read

US Rep: “Facebook Should Give Up On Libra”

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Written by OspreyFX News Team

When Libra arose as a project led by Facebook, questions about its viability soon popped up too. Global technology experts, legislators, and regulators have all had divided opinions about it, although a growing number of voices are strongly against it.

During an interview for the “Noded Bitcoin” podcast, US Republican Congressman, Warren Davidson, said that for the social network created by Mark Zuckerberg, it would be a “better idea” to add Bitcoin to the Calibra wallet than to create a new cryptocurrency.

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People’s Choice: Leaked Transactions Or Freedom?

The US lawmaker wondered if anyone really wants leaked transactions or just “freedom”. In fact, Davidson pointed out that Facebook was able to crystallise all the problems that exist in social networks today in Libra.

The hearings that have taken place in Congress regarding Libra have only intensified the pressure that Zuckerberg’s company has carried on its back for a long time now. “Facebook already filters the content – some people say it with prejudice, others say it’s great, they are protecting my safe space. So, do we want a leaked or free speech?” Davidson said in the interview with Pierre Rochard.

The host of the podcast replied to Davidson that these hearings have helped regulators gain a broader view of what Bitcoin is, for example, as well as focusing on the issue of attempting to solve initiatives such as Libra, and those others that appear in the technological spectrum.

Keep Eyes Open

Not everyone is so pessimistic about the viability of Libra. In an interview with CNBC, the Head of the Riksbank of Sweden gave statements about the cryptocurrency. Stefan Ingves said that Libra, “had been an incredibly important catalytic event” and recommends watchers to think hard about what is currently going on, by displaying the awareness central banks are building in regards of virtual transformation. Technical perspectives on this news do nothing but help maintain the range in which bitcoin has been moving so far this October. However, the breakdown of psychological support at $8,000 would force traders to have a more solid outlook. To continue growing, the BTC/USD pair would have to break the resistance at $8,800 in the first degree.

Many opinions have emerged since Project Libra’s Whitepaper was released in June, and it has been the target not only from regulators but also from politicians that claim Libra could be a major threat to Global Economy. Having a broad number of entities working together to eradicate the project and major early investors stepping out, it’s definitely not hinting a bright future for Facebook’s new “Stable Coin”.