Bitcoin and other major digital currencies witnessed a decline during trading today, Thursday, and despite this decline, Bitcoin is still above the $ 9,000 level. , as reported XM Arabia Reports that the US House of Representatives Financial Services Committee has asked Facebook to stop developing its cryptocurrency.
The drop in prices came after the chair of the US House Financial Services Committee, Maxine Waters, requested that Facebook halt development of its operations towards its new cryptocurrency until lawmakers and regulators properly review the project in order to avoid carrying out any illegal financial operations and also in anticipation any negative impact on the global financial system.
Waters said in a statement that with the announcement of Facebook's plans to create a cryptocurrency, Facebook continues to expand unchecked and expand its reach into the lives of its users.
She added that given the company's turbulent past, I would demand that Facebook agree to halt any forward movement on cryptocurrency development so that Congress and regulators have an opportunity to consider these issues and take action.
This news came after the social media giant officially revealed the details of its cryptocurrency plans, and the company said it had associated with 28 partners in a Geneva-based entity called Libra Association Which will govern the new digital currency, while Facebook itself has set up a subsidiary called Calibra to offer digital wallets for cryptocurrencies. The launch of the new digital currency is expected in the first half of 2020.
Earlier reports said France had urged G7 financial governors to prepare a report on the project, while a German member of the European Parliament warned that regulators should be on high alert.