Member of the house financial service Committee,  Sylvia Garcia remains unimpressed by Facebook and Libra's Association new feeble attempts to tone down their plan to issue digital currency. The US lawmaker states that the changes they've made don't change the equation much as they didn't address any of the issues raised by her.  The biggest question she's raising towards Facebook's Libra project is what is even the need to come up with cryptocurrencies for Facebook. Another concern is what will be the impact of it on the global economy and consumers.

Slyvia Garcia stated that there were multiple concerns raised over Facebook and the Libra association in their initial whitepaper, and most of them if not all that was raised by her and her team, have been left unintended. She blamed Facebook founder, Mark Zuckerberg for slyly turning a deaf ear towards the issues. While Facebook and Libra's association is definitely trying to find a way around the critics and please them, they are yet to come out on top and prove that this project isn't a political liability as many claims.
<h2>Original Plan of The Libra Association Was More Catastrophic</h2>
The Libra association original plan was even more domineering, it asked for a new cryptocurrency backed by fiat currencies from around the world. It received massive backlash especially from banks and politicians who saw this as a severe threat for monetary sovereignty.

There were calls to delay the launch of Libra until the picture gets clearer. Seeing the uncertainty surrounding it, most of the big guns which were partnering the Libra association decided to cut their ties with them like PayPal and Vodafone. The new plan of Libra is to launch a bunch of stable coins backed and tied to a specific sovereign currency.

Garcia noted that the new and <a href="https://libra.org/en-US/white-paper/" target="_blank" rel="noopener">revised whitepaper</a> of the association turns Libra into nothing but just PayPal with a different name, the only difference that it is running on a blockchain.

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Facebook And Libra Association Not Paying Heed to Its Whitepaper Issues

The whitepaper issued by the Libra association has failed to meet the expectations of the US lawmakers, who stated they are dodging the raised issues.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Facebook And Libra Association Not Paying Heed to Its Whitepaper Issues

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