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Alexandria Ocasio-Cortez Is Openly Against Facebook’s Digital Currency Libra

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Rep. Alexandria Ocasio-Cortez seems to be against Facebook’s digital currency called Libra. In a recent tweet, she wrote that company money is useful to pay to employees in “fake currency.” Libra is the virtual currency announced by Facebook and that aims at helping users process transactions and make payments. 

Alexandra Ocasio-Cortez Against Facebook’s Libra

A few days ago, David Marcus, the head of Facebooks’s blockchain project and the Libra virtual currency, defended the Libra cryptocurrency during a Senate Banking Committee hearing on the digital asset. During this hearing, he answered many questions related to it and how they are going to be protecting users’ privacy. Marcus has also commented that he would be comfortable accepting 100 percent of his salary in Libra. 

Ocasio-Cortez commented about it:

“You said yesterday you would be comfortable taking 100 percent of your pay in Libra. In the history of this country, there is a term for being paid in a corporate-controlled currency,” she said. “Do you know what that term is?”

Marcus mentioned that he did not know what that means. Ocasio-Cortez said that this kind of virtual currency could be a scrip. Nonetheless, she did not have more time to continue asking questions. 

A “scrip” is a substitute for government-issued currencies and that there are companies that use them to pay employees. Users can only use these funds at company stores, which means that it is possible for the firm to engage in price-gouging, as CCN explained

At the same time, she explained on Twitter that company money is used to take over towns & control local workers by paying them in fake currency. As she said, it has happened everywhere around the world, from West Virginia coal mines to Puerto Rican sugar plantations. At that time, she was making reference to Amazon gift cards that can also be given to employees. 

Libra is expected to be a stablecoin backed by different fiat currencies, including the U.S. dollar, the Japanese yen, the euro and the British pound. The goal is to help users perform transactions, payments and more through the Calibra wallet, WhatsApp and Facebook Messenger.

This digital asset is also going to be governed by a group of companies that paid around $10 million to be part of the network and the governing structure. 

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