[ad_1]
Fearing the potential impact of a popular cryptocurrency issued by the private sector on the global economy and the United States, US lawmakers are currently drafting a bill to prevent giants of the technology to seize the financial sector.
The bill entitled "Limits on the Financing of Large Technologies" is intended to prohibit any technology company generating more than $ 25 billion in global turnover from issuing its own cryptocurrency. The project explicitly forbids "Large platform utility companies must not be a financial institution or be affiliated with a person who is a financial institution" Any entity that violates the provisions of the bill could be subject to a daily fine of up to US $ 1 million.
A large platform utility can not establish, maintain or exploit a digital badet intended to be widely used as a means of exchange, unit of account, store of value or any other similar function.
Although the bill does not name any particular company or digital currency, President Donald Trump had already mentioned bitcoin and launched Facebook's Balance in its attack on alternative payment systems last week. Stressing that Americans and members of the international community must trust the "reliable" US dollar, the US president has demanded tougher federal regulation of financial transactions between individuals.
Facebook, which hopes to take advantage of its gigantic platform to launch Libra somewhere next year, is facing a fierce battle against US lawmakers and the Federal Reserve, who seem to want to prevent Menlo Park from becoming a fixture. dominant financial actor. This week, the social networking giant will face the Senate and House Financial Services Committees on the consequences of launching the Libra, including privacy protection, money laundering and consumer protection.
Also on rt.com
Facebook announces its entry into the cryptocurrency market with Libra
If you like this story, share it with a friend!
Source link
