Two US senators called on three payment companies that are interested in the opportunity to participate in the Facebook cryptocurrency project to review their plans.
Democrats Sherrod Brown and Brian Schatz turned to Visa, Mastercard, and Stripe. In their opinion, Libra carries potential risks both for the entire global financial system and for the payment business of companies, which are called upon to review plans to participate in this initiative. As an argument to their theory, the senators cited news publications that talked about the difficulties that some members of the Libra Association faced in the process of obtaining information about the organization of management and the risks of the project.
“Congress, financial regulators and potential members of the Libra Association faced a number of difficulties when they tried to get from Facebook all the necessary information about the risks that Libra could carry. For example, financing illegal activities and terrorism, violating the stability of the global financial system, interfering in monetary policy, spreading potential consumers the risks that now apply only to accredited investors, ”they say in a statement.
Therefore, authorities recommend payment companies to approach this issue very carefully and think over everything again, including the possibilities of managing the above risks.
“Facebook has not yet provided any evidence to Congress, financial regulators, and probably even to you that it is concerned about these issues and will provide tools to control them,” the senators wrote, adding that the social network had previously figured in cases related to the spread of misinformation , private data of its users, discrimination and fraud, but at the same time it did not provide evidence showing the correction of errors and taking them under control.
“You should take into account that in case of shortcomings in Facebook’s risk management systems, these problems will become yours, and you won’t be able to solve them in a timely and effective manner,” the senators added at the end of the appeal.
Recall, earlier it became known that the payment company PayPal refuses to participate in Libra, at least in the early stages.