Ahead of the Libra launch, Facebook has kicked off a bug bounty program, allowing developers to find bugs within the Libra project and get paid for their findings. Facebook hopes this will ensure a much more secure Libra.
Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra.
In recent news, Jamie Dimon from JP Morgan has said that he believes Facebook’s Libra isn’t a short-term concern of an impact on the traditional banks.
Rep. Maxine Waters said she’s planning to call in Facebook CEO Mark Zuckerberg to testify about his company’s new digital currency project Libra. She added that her staff has not made the formal request with Facebook yet, but they plan to do so.
It seems that big companies as Facebook, Amazon and Google might be forbidden to launch their digital assets. If the Congress’s Bill pass – they could face with paying $1K penalties per day. Even though it’s not likely for bill to pass, it presents another obstacle for Facebook’s Libra.
From around 14:00 UTC on July 10, Bitcoin fell $962 from its previous price in a little over an hour, landing just above the $12,000 psychological support before another wave of sellers dragged it to a peak low of $11,445.
In another attack on the Libra developments, 33 lawmakers have requested Congress to ask Facebook to stop further development on Libra before they answer all their concerns and questions.
Facebook’s Libra cryptocurrency gets backing from a high-ranking entity, Fitch, with the credit rating agency stating that Libra is more secure compared to the other existing virtual currencies.
The chairwoman of the House Financial Services Committee Maxine Waters announced that the panel will hold the second hearing next month on Facebook’s plan to develop a cryptocurrency-based payments platform Libra.