Did you know why US House Democrats are requesting Facebook stop/pause the development of its 1st cryptocurrency project called Calibra?
Based on statistic as we know facebook is the no. 1 social media network global based on the global statistic here.
On previous month Facebook CEO Mark Zuckerberg launch the first cryptocurrency project called Calibra. He designed the project to let the people save, send or spend money as easily as firing off text messages.
As of now Congress and regulators are still investigating about the advantages and disadvantages of Calibra token.
“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability,” (Financial Stability)
Hoping to work with the US lawmakers to answer some upcoming House Financial Services Commitee hearing this coming July 16th 2010 with Banking Chair Mike Crapo.
As per Joseph Stiglitz: Every currency is based on trust, but only a fool would trust Facebook’s cryptocurrency.