Facebook's cryptocurrency conundrum
Not that many people welcomed the recent news that Facebook was looking to launch a new cryptocurrency as soon as next year. Now it turns out the social network isn’t so sure it’s ever going to get off the ground.
In its latest quarterly report for investors, Facebook warns that its Libra currency faces an uncertain and evolving legal environment – along with other digital currencies – which could lead to the putative cryptocurrency being prevented from coming to market.
Clearly, the company knows of what it speaks. US House Democrats are proposing a bill, the Keep Big Tech Out Of Finance Act, aimed at prevent the tech majors operating as financial companies and stopping them from issuing digital currencies in the first place.