According to Moral Media on June 21, Facebook's plan to develop its own network-encrypted currency has been widely criticized. Politicians and consumer protectors are particularly concerned about the insecurity of Internet users'personal data.
According to Voice of Germany's website on June 19, U.S. Democratic Congressman and Chairman of the Finance Committee Waters pointed out that Facebook flouted billions of people's data and their protection. With the announcement of the development of encrypted Internet coins, Facebook continued its uncontrolled expansion policy and expanded the scope of its users'lives. Waters asked Facebook to shelve its network-encrypted currency plan, called Libra, pending investigation.
Facebook is again facing charges of neglecting to protect users'privacy, the report said. Sherrod Brown, a Democrat on the Senate Finance Committee, criticized Facebook as too big and too strong to use its users'data without providing adequate privacy protection. He pointed out that Facebook could not be allowed to issue a risky new online currency from a Swiss bank account without supervision.
Republican Republican Representative McHenry called for a hearing in which Facebook representatives were asked to explain the plan.
In Europe, people are also full of doubts. French Finance Minister Bruno Lemmel has called for stricter regulation of technology giants such as Facebook. He said Facebook could collect innumerable information through this online currency, so it was necessary to strengthen the supervision of digital giants. Feuerber, a member of the European Parliament of Germany's Kyrgyzstan Association, pointed out that Libra's online currency plan should put regulators on alert and that the European Commission should start working out legal framework conditions for online currency as soon as possible.
Facebook plans to start using its own Internet currency Libra in the first half of 2020. According to Facebook, Libra will enable users to transfer money and buy goods from businesses.
A spokesman said Facebook would answer all questions from the legislature and was in dialogue with authorities in Switzerland, the registered country of Libra and the United States.
Facebook intends to enter the global payment channel with a fake Libra. Industry experts believe that this may shake the traditional financial system. The plan is supported by Mastercard, PayPal and Spottfire.
According to the website of the Economic Times of India on June 20, Libra may not be released in India, because the current local regulations do not allow the use of bank network transactions to encrypt currencies, and Facebook has not applied to the Reserve Bank of India.
Last March, Facebook's 50 million user information leaks were exposed and widely questioned.