Russia threatens to ban Facebook if United states block Libra
Recently, Dmitry Peskov, the Press Secretary of President of Russia Vladimir Putin talked about the cryptocurrencies Libra and Gram. Gram is the cryptocurrency backed by messaging service provider Telegram. Peskov said Russia will take decisions according to the US in the case of Libra because of United State’s Facebook heritage. He stated If Libraor Gram launches without controls, the likelihood of the scenario appearing in which we block (Facebook) significantly increases. And this situation may occur in other countries too apart from Russia. But according to him, the decision will depend on the US government and not the Russian government.
Libra under constant scrutiny
The US government is already questioning several executives along with Facebook CEO Mark Zuckerberg for months now. They are mainly concerned about the security of Libra after its launch. Facebook anyway has a very limited following in Russia because of data storage issues.As per the report, Telegram's own cryptocurrency Gram is currently under US regulators scrutiny. Previously Russian authorities attempted to block Telegram but they were not successful. In 2018 Gram raised a 1.7 Billion USD in a token sale to private investors and they will distribute the same to investors by the end of this month.
worldwide pessimism for Libra
However, Facebook’s Libra still doesn’t have a launch date and Facebook continues to satisfy the regulators about its plans and security issues. In September, France announced that it won’t allow any private entity to issue any fiat currency alternative.
The withdrawal of payment giants like Visa, Mastercard, and Paypal definitely harmed the reputation of Libra.
Many are being pessimistic about the launch of Libra in anytime soon. Ripple CEO, Brad Garlinghouse thinks Libra will not be able to launch before 2023. And now JPMorgan CEO Jamie Dimon said, Facebook Libra will Never Happen. According to him the amount of pressure and scrutiny Libra is facing, and the potential of Libra being used for money laundering, the project seems to be a “Neat Idea”.
About The Author
Debarati GhoshDebarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.
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