It was a bad week for Facebook’s crypto libra. The storm of criticism of the plans is growing, the US Congress even asked to stop the project because it could be a threat to the dollar.

Representatives of the American House of Representatives, one of the chambers of Congress, sent a letter of fire to Facebook boss Mark Zuckerberg, head blockchain David Marcus and operations director Sheryl Sandberg.

Two weeks ago Facebook announced that it wants to launch its own digital currency next year. Libra users must use a digital wallet: the Calibra wallet. The arrival of the Libra and Calibra can lead to serious problems, Congress fears.

“It can lead to privacy, national security and trade issues. The people who use the Libra can become the target of hackers. Certainly considering Facebook’s past, we expect problems,” the letter said.

“It seems that these products can lend themselves to a completely new global financial system based in Switzerland with the intention of competing with US monetary policy and the dollar.”

The delegates fear a lack of regulation. In the white paper that Facebook published about the new currency, there is not enough information about the intention of the company and safety.

The British financial market watchdog, the Financial Conduct Authority (FCA), is also concerned. It wonders whether the global size of the Libra is acceptable and desirable.

Japan’s central bank expressed concern because the Libra is difficult to control. That could pose a danger to the stability of the financial world, according to business newspaper Nikkei Asian review.

David Marcus, blockchain boss at Facebook, responded to the letter from Congress and other criticisms in a blog.

“Facebook is just one of the 28 companies behind Libra. We deliberately announced the plans at an early stage precisely because we want a discussion about the design.”

All data is stored in a decentralized manner, says Marcus. Facebook also does not monitor the network or the currency. Facebook is just one of the hundreds of members that the Libra Association will have at the launch of the currency. We have no special privileges.

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