Libra-Meeting in Switzerland: a doubt on the Facebook Bitcoin derivative

The six-member US Delegation, under the leadership of Maxine Waters leaving Switzerland again. After Meeting with Swiss politicians to the Facebook Bitcoin competitors Libra, the Chairman of the banking Committee continues to be concerned. The Delegation plans to employ on your journey continues with the topic of crypto-currencies.

From Polina Khubbeeva
26. August 2019BTC$10.345,44 1.17%part Facebook Twitter LinkedIn xing mail

While the price of Bitcoin continues to move sideways, hits a group, as before, high waves: Facebook out, busy with his Plan, a crypto-currency by the name of Libra, both the Community as well as regulators and government officials admit, as before.

Only last week, had traveled, therefore, a U.S. Delegation in Switzerland in order to obtain information and insights in the Facebook Bitcoin competitor Libra. Facebook sought to the Switzerland as the site of his crypto-project. Now the leader of the Delegation, Maxine Waters, draws up a provisional balance sheet of the first stage of your journey. The United States House Committee on Financial Services published on the 25. August a press release. The big difference between Bitcoin and Libra is addressed indirectly: While BTC is a decentralized currency without the Institution that stands behind Libra a private company.

As Waters clarifies clearly:

While I appreciate the efforts of the Swiss government representatives who invested their time to meet us. My Concerns relate to the fact that a large Tech Company is allowed to create a private, controlled, alternative global currency. I am looking forward to continue our Congress delegation lead. I would like to fathom, among other things, questions of this kind go deep. We will also discuss money laundering and other issues in connection with the legislation to the Committee.

Waters Delegation travels through Europe and the middle East

Waters is leading a six-member expert group that will be traveling during the Congress break in the United States through Europe and the middle East. The Delegation met in addition to the Swiss politicians and the Swiss Federal data protection and information Commissioner Adrian Lobsiger. Other representatives of important financial information and authorities also took part in discussions. Overall, the Swiss regulatory officials seem, however, not a very calming effect on US to have the Delegation had. Finally, the Switzerland holds back with regard to concern with Facebook Libra-plans up to now, with criticism rather – quite different than the USA. There, the Bitcoin descendant is a widely discussed topic.

just last month, there was already a hearing of the House Financial Services Committee on the topic of Libra. The banking Committee, whose Chairman Maxine Waters, is shown compared to Facebook's plans for its own crypto-currency has always been rather skeptical. Bitcoin, however, we saw mostly a bit more relaxed; here, too, the difference between group played-currency and decentralized crypto-currency role.

The Congresswoman Waters sent in July a letter to the CEO and founder of Facebook Mark Zuckerberg. In it they called for an immediate Moratorium on the Libra-plans in sugar mountain. The implementation should pause until the Congress has developed an adequate legal framework.

In contrast to Bitcoin Libra brings a responsible

However, it is not just Maxine Waters, as a representative of a financial Supervisory authority, the Zuckerberg currently in distress. Data-protection authorities and consumer representatives around the world, but mainly from Europe and North America, setting Facebook is also under pressure. A common question catalogue of international data protection deals with the dangers of the crypto-currency for the citizens. In particular, the fact that Libra can grow in a very short time to a fully functioning global financial infrastructure is preparing one of the authors of the catalogue. The role of data protection remains, however, unclear.

Libra vs. Bitcoin

In the case of Bitcoin, however, various representatives of the U.S. Congress recognized that the largest Cryptocurrency according to market capitalization, does not prohibit. This is in contrast to Facebook's Libra mainly due to the ability to drag a company in the responsibility. Bitcoin has as a focal point, ultimately, only a decentralized, distributed servers, while Facebook has to strive to a fixed location.

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