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Libra will also face additional concerns from international regulators and lawmakers, which could further delay its progress
Facebook's new currency plan under scrutiny in Congress
India, meanwhile, has throughout maintained that cryptocurrencies were illegal and it did not recognise such activities
Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber
Politicians and financial regulators across the world have called for scrutiny of Facebook's Libra coin, with concerns ranging from consumer protection and privacy to its potential systemic risks
Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020
Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators
On Wednesday, the chair of the Federal Reserve, Jerome Powell, said Libra raised a host of "serious concerns" around "money laundering, consumer protection and financial stability"
Book review of The Bitcoin Saga: A Mixed Montage
Facebook's plan for a digital currency called Libra has policy makers scrambling. The UK's three main financial regulators are working together on how best to respond
Central banks will have to respond to Facebook's Libra
The news comes after Facebook Inc. earlier this month unveiled plans to create a cryptocurrency it expects will one day trade much like the dollar
Surges in weekend activity since the beginning of May account for about 40% of Bitcoin's price gains this year