US Treasury Secretary has doubts about Libra

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US Treasury Secretary, Steven Mnuchin, like other politicians, expressed his scepticism about Libra, Facebook's cryptocurrency project.

Politicians' scepticism

Mnuchin organized a special press briefing on Libra. He stated, that this topic concerns the national security of the United States and the state does not intend to allow uncertain actions related to cryptocurrencies. He should not worry about that, because Facebook has declared full readiness to cooperate with banks and legislators from the beginning. The latter is even considering introducing a law prohibiting technology companies from launching their virtual currencies. Nevertheless, apparently few people in the White House and the Capitol are taking Mark Zuckerberg's declarations seriously. Mnuchin has joined Donald Trump in his views, who in the last week on Twitter described himself as an opponent of cryptocurrencies.

Facebook's approach to this problem

There are a lot of problems laying before Facebook because problems that arise as a result of the personal data affair are still echoing. Legislators also do not facilitate Libra's case, since they have different ideas to get Zuckerberg away from the cryptocurrency. It seems that Facebook has predicted problems with American politicians, and therefore established the headquarters of the Libra Association in Switzerland. This association consists of several dozen entities that have agreed to support the cryptocurrency project. Switzerland is one of the more liberal countries when it comes to this industry. According to the creators of Libra, it has the potential to organize the transparency of transactions, their validity and many other electronic processes. American politicians have objections to it, and this can make other states take advantage of it.