Facebook Applies For BitLicense To Operate Libra In New York – Social media giant Facebook applies for a cryptocurrency business license that will enable the firm to use its virtual currency Libra in New York. Notably, any firm looking to operate cryptocurrencies in New York needs to have a special license dubbed as BitLicense, granted by the state’s finance regulator, the New York State Department of Financial Services (NYDFS).
US Lawmakers Asks Facebook To Freeze Their Progress Over Libra– U.S. lawmakers have issued a letter to Facebook executives formally asking them to stop all development of its recently announced Libra cryptocurrency. The U.S. House of Representatives Democrats has written an open letter to Facebook on Tuesday.
The letter calls on a moratorium to all libra development until the hearings held by the Financial Services Committee and affiliated subcommittees is completed. Notably, the hearing will determine how Libra is to operate and what measures should be implemented to protect user privacy.