The Committee on Digital Technology, Culture, Media and Sports of the House of Commons of Great Britain fears the consequences of the launch of the Libra digital currency, which, according to its representatives, could make Facebook too powerful, reports Financial News.
Committee Chairman Damian Collins, who once led an investigation into the scandal with Cambridge Analytica, questioned Facebook’s ability to secure the users ’financial data.
“Facebook wants to become a state,” he stressed.
The legislator added that Mark Zuckerberg is the “sole overseer” in the global social networking community.Collins also suggested that Libra would be subject to massive fraudulent schemes if regulators allowed it to grow beyond strict control.
For example, British politicians actually joined their American colleagues, who had repeatedly expressed concerns about the Facebook initiative and even managed to hold two-day hearings in the US Congress, where Calibra CEO David Marcus tried to answer all their concerns.
It is noteworthy that the creation of Libra has already been discussed at the meeting of G7 finance ministers. According to its results, the head of the French Ministry of Finance Bruno Le May said that regulators oppose the issue of payment instruments by private companies, if they do not assume the same obligations as the nation states.
So far, the only one who stood out from the chorus of critics was the head of the Central Bank of Germany, Jens Weidmann. He stated that he did not understand the skepticism of his colleagues, since, if the idea was successfully implemented, Libra could be attractive to consumers.At the same time, he urged not to limit innovation.
In Russia, Libra and similar initiatives are also treated negatively. For example, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, said in June that Russia would not legalize digital currency from Facebook and would limit foreign sites through which it would be possible to buy it.
The Central Bank of the Russian Federation believes that the “cryptocurrencies of social networks” involve fraud risks.