U.S Lawmakers Debunks Facebook’s Crypto Plans

Meta (Facebook) Files for Multiple New Trademarks With USPTO
  • Facebook is almost complete with its cryptocurrency and digital wallet.
  • U.S lawmakers term Facebook is incapable of maintaining cryptocurrency of its own.
  • U.S lawmakers issue notice against Facebook’s crypto plans and digital wallet.

With the entire world plunging into crypto driven ecosystems, the social media giant Facebook.inc has been into the game too. Besides, numerous efforts and developments spent for the past 2 years by Facebook, it finally is all set to launch a cryptocurrency of its own including a digital wallet known as the Novi.

In spite of all this, the U.S lawmakers certainly seem to oppose Facebook’s plans ever since the start. And so, now they officially issue a notice letter to Facebook in order to stop all the work in relation to upbringing its own digital currency and to stop its digital wallet.

The Lawmakers Contradictions

In spite of all the buzz created by Facebook upon its crypto plans for the past 2 years, the U.S lawmakers abruptly raise their oppositions. 

Accordingly, the team of senators, Elizabeth Warren, Sherrod Brown, Brian Schatz, Tina Smith, and Richard Blumenthal raised their opposition against Facebook. Accordingly, they officially sent out a notice letter to the CEO of Facebook, Mark Zukerberg. 

Moreover, the senators terms that Facebook is again working profusely upon its cryptocurrency plans in a bad period of time.

 Also, they exclaim Facebook has come forward and launched their crypto platform and digital wallets despite being a network incapable completely in aspects of finance. 

In addition, they also point out that Facebook cannot maintain a payments network solution platform, as they couldn’t even manage to maintain and secure the data of the platform’s users though. 

Facebook’s Reply

On the other hand, Facebook’s digital wallet, Novi, says that they will be for sure replying to the Senators letter officially. 

Furthermore, Facebook has been working on the Novi platform which ought to be a payment solution and e-commerce too.

However, it has been under strict opposition from the lawmakers and policy makers from the efar that Facebook would take over the money control and alos putting the users data privacy at stake.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.