The US Congress sent a letter asking Facebook to stop the Libra project immediately, will it have an impact to the cryptocurrency industry?



  • Less than half a month after facebook released the libra White Paper on June 18, 2019, the House Financial Services Committee sent letters to executives such as Facebook CEO Mark Zuckerberg and Facebook Chief Operating Officer Cheryl Sandberg on July 2, local time, demanding that the company to immediately suspend all work on the digital currency Libra/wallet project Calibra.

    The letter explained why the related work was stopped: the Libra and Calibra projects may be based on a new global financial system centered on Switzerland, which may challenge US monetary policy and dollar status.

    The US House Financial Services Committee believes: "This will lead to serious privacy, transactions, national security and monetary policy issues."

    In addition, the letter states that although Facebook has published a “white paper” on these projects, the information on the intent, potential use and safety of the Libra and Calibra projects is scarce, revealing greater risks and lack of clear regulatory protection. If these products and services are not adequately monitored or even mismanaged, they may pose systemic risks to the stability of the United States and the global financial system. The US House Financial Services Committee also believes that due to other cryptocurrencies, exchanges and wallets, loopholes in related projects may also be attacked by bad actors. Not only facebook's more than 2 billion users, investors, consumers and the wider global economy should be concerned about this.

    As soon as the news was sent, it caused a commotion in the coin circle. Many people thought it was bad news. I couldn’t help but want to say a few more words. The US Congress’ opening fire to Facebook is not necessarily a bad thing for the cryptocurrency market. First, Congress has no power to really "stop" and can only be obstructed by administrative means such as hearings, and the focus of the US Congress is that, first, it will not threaten the status of the dollar, and second, whether it is safe or not?
    For the first one I believe that the emergence of new things must be accompanied by resistance, often the greater the resistance is, the more the power is, and finally it must be unstoppable; For the second one, the essence of the blockchain is born to solve the security problem, what if the block chain is not safe and what is safe? In terms of security, it is worth mentioning that Tark Wallet is based on the fourth generation of blockchain technology to solve people's security trust crisis.

    Tark Wallet is based on blockchain 4.0 technology and is far ahead

    When the wallet is idle, the network will automatically open the never-on-network mode. It builds transactions and signatures at the cold end, and broadcasts transactions at the hot end, creating a strong protection shield for the token assets, completely eradicating the network hacking and resisting the asset risks caused by various reasons.
    Compared with the traditional token asset wallet, Tark wallet strictly controlled the payment and withdrawal operation, and the two password security management mechanisms of seed password + payment password prevent theft of assets and fraudulent use, cryptographic storage, never touch the network, secure verification and delete after you use.
    Two super features of Tark wallet, it is unique

    Tark wallet has two super features of anonymity and security. Anonymity refers to the privacy protection provided by the trust center in a general centralized trading system. All user information and transaction information are stored in the central database, and ordinary people cannot easily obtain the customer's information. Only the trust center holds the information of everyone. Based on blockchain 4.0 technology, Tark's wallet is a truly decentralized product whose nature determines that no one can easily access the user's data.

    In terms of security,Tark Wallet created the world's first dual-form cold wallet security protection model. It introduced the top technology innovation and multi-person collaborative management function of Silicon Valley in the United States, which greatly reduces the safety factor of the risk of the user's token asset and escorts the user's token assets!

    Tark wallet has six advantages to meet the diverse needs of users

    Tark Wallet has six advantages: multi-currency, second-speed, multi-account system, offline signature, multiple verification, and open third-party ecosystem. It supports the payment, storage and transaction of various global token assets, and also integrates games, communities, live broadcasts and other applications. It is a comprehensive blockchain platform system. In addition, Tark wallet also provides with a timely reminder of the transaction result, multi-platform market consultation, real-time query of personal assets, multi-language currency support, global user linkage operation, QR code/NFC communication and other functional advantages, with one wallet meets all the needs of the user.

    At present, Tark wallet users are widely used in the global payment and Internet industries, such as online payment, online car hailing, online travel reservations, e-commerce platform, mainstream news media and other fields. In the future, Tark hopes to make 1 billion people around the world become users of the TarK wallet, creating a global settlement ecosystem, and finally realize the vision of digital bank.

    Official download website of Tark wallet: http://www.tarkwallet.com/download/down.html
    Chinese telegram group: https://t.me/TARKOFFICIAL_CN
    English telegram group: https://t.me/TARKOFFICIAL_EN


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