Facebook's Libra has beententatively scheduled for launch in 2020. Facebook revealed its plans on Tuesday.

Libra is expected to beintegrated with the plans and services offered by Facebook. However, the US is not happy about this move.

Maxine Waters, Chairperson of theFinancial Services Committee required that Facebook pause the project.

Waters stated, "With theannouncement that of the plans to create a cryptocurrency, Facebook continuesits unchecked expansion and extends its reach into the lives of itsusers."

The company has had a troubledpast. The Congresswoman required thatFacebook should agree to a moratorium on any further forward movementconcerning developing cryptocurrency until the congress regulators will havethe opportunity to examine the issues and take some action.

Facebook executives should comebefore the committee to provide testimony to these issues.

Facebook has been workingalongside several partners to develop and launch Libra. There are about 27 partners today in theprocess. Maxine Waters has required thatthe Facebook executives come before the committee to provide testimony on theissues.

A new wallet which will workalongside the Messenger and Whatsapp is to be released, and it is expected thatthe cryptocurrency will be released in a way to function along with it. By making use of Libra, users will be able tomake cross border payments for the products they purchase. They will also be able to make donations.

Maxine Waters stated Regulatorsshould see this as a wake-up call to get serious about the privacy and nationalsecurity concerns, cybersecurity risks, and trading risks that are posed bycryptocurrencies."

There is no clear regulatoryframework for the current cryptocurrency market as there are not enoughregulatory framework in place in a way to provide for reliable protection forthe economy, consumers, or investors.

The social media giant holds thedata of billions of people. Watersfurther stated that the social media giant had been continually "shown adisregard for the protection and careful use" of the data concerning thebillions of people.

In a letter to the Congresswoman,Patrick McHenry wrote, "While there is a great promise for this newtechnology in fostering financial inclusion and faster payments, particularlyin the developing world, we know that there are many open questions about thescope and scale of Libra and how it will conform to our global financialregulatory framework.”

Libra has caught up the attentionof European Law Makers. In the currentscenario, there is no doubt or question about Libra“Becoming a Sovereign Currency.”