'I Don't Trust Facebook With Anything:' The World Reacts to Facebook's Libra

Published on by Coindesk | Published on

"We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

Sen. Josh Hawley told Yahoo Finance it sounds like Facebook is "Expanding their monopoly" with its new cryptocurrency project.

"I don't trust Facebook with anything," he said.

"Facebook's new Libra blockchain project has the potential to be a big step forward towards a more global and inclusive financial infrastructure," said U.S. Congressman Darren Soto, Co-Chair of the Congressional Blockchain Caucus.

"They're not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform," said NAB's business banking chief.

Don't get why the crypto community shitting on Facebook and Libra.

"Facebook's initiative, with the Libra cryptocurrency at the center of the project, will have a significant impact on the financial industry and global economies from both a medium and long-term perspective," he wrote.

"It is no surprise that Facebook Inc.'s ambitious plan to roll out its own cryptocurrency - Project Libra ran into immediate political opposition in Europe, with calls for tighter regulation of the social-media giant," reflected Robin Matze, Blockchain Lawyer and Advisor to the German Government.

"AML laws usually take a risk-based approach. Therefore, Facebook would have to take reasonable measures in order to mitigate that risk." Matze offered a potential solution to this nebula of risk and regulations, though it may not be what Facebook wants to hear "The easiest way to be compliant to various jurisdiction is - a fortiori - to apply the strictest regime. This approach is definitely not the cheapest for each jurisdiction but the easiest to manage on a global level."

Crypto traders when the US government and Facebook start fighting over Libra pic.