Facebook announced last month the Libra Encrypted Money Project, which will be run by independent non-profit organizations supported by Visa, Uber and Paypal. At the same time, Calibra, a Facebook subsidiary, will use the currency to run payment systems, which Facebook believes will help those who are unable to access established financial services.
According to The Hill Media on July 2, dozens of consumer rights organizations jointly asked lawmakers and regulators to stop Facebook's encrypted currency plan on July 2. They believed that they would stop the plan until privacy issues and corporate rights could not be effectively regulated.
Facebook officials did not immediately respond to requests to stop Facebook's encrypted currency program.
Compared with Bitcoin, Libra is a twist and turn.