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WASHINGTON: The president of the US House Financial Services Committee said Sunday (Aug. 25) that she remained concerned about Facebook's plans for a digital currency after meeting with government officials in Switzerland who, according to Facebook, are going to regulate.
"While I appreciate the time that the Swiss government officials have taken to meet us, I remain concerned about allowing a large technology company to create an alternative global currency under private control," the statement said. MP Maxine Waters in a statement.
Facebook is trying to get Washington on its side after the social media company has shocked regulators and lawmakers by announcing in June that it was hoping to launch a new digital piece called Libra in 2020.
Domestic and foreign policymakers and financial custodians are concerned about the effects of the widespread adoption of Libra by 2.38 billion Facebook users on the global financial system.
The currency will be issued and managed by the Geneva-based "Libra Association," said Facebook.
Waters met with representatives of the State Secretariat for International Financial Matters, the Federal Commissioner for Data Protection and Information, the Swiss Financial Market Supervisory Authority and legislators.
Swiss officials have been helpful in understanding the "status, complexity and scale of Facebook's plans," she said.
US lawmakers criticized Facebook over its plans at a Waters committee hearing in July, claiming the company had not demonstrated that it could be trusted to protect the global financial system and data consumers.
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