WASHINGTON (Reuters) - The chair of the U.S. House financial services Committee said on Sunday she remained involved approximately facebook’s plans for a virtual currency after meeting the government officials in Switzerland that fb has stated will modify it.

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“whilst I respect the time that the Swiss government officials took to fulfill with us, my worries remain with permitting a big tech enterprise to create a privately controlled, opportunity worldwide currency,” Congresswoman Maxine Waters said in a statement.

fb is attempting to get Washington on its side after the social media organization stunned regulators and lawmakers with its announcement in June that it was hoping to release a brand new virtual coin known as Libra in 2020.


Policymakers and financial watchdogs at home and abroad are concerned approximately the effect of sizable adoption of Libra by way of fb’s 2.38 billion users on the worldwide financial gadget.

The foreign money could be issued and managed by using the Geneva, Switzerland-based totally “Libra affiliation”, facebook has stated.

Waters met representatives from Switzerland’s nation Secretariat for international financial matters, the Federal information protection and records Commissioner, the financial market Supervisory Authority, and Swiss legislators.

The Swiss officers were helpful in knowledge the “reputation, complexity, and value of facebook’s plans,” she stated.

U.S. Lawmakers bashed facebook over its plans at a hearing of Waters’ committee in July, saying the agency had no longer proven it may be trusted to shield the world monetary gadget and clients’ information.