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Congressional leaders draft bill that proposes to ban big tech firms from launching digital currency

Facebook’s upcoming stable coin Libra seems to have caught the regulators and policymakers around the globe off-guard. Ever since its official announcement back in June, Libra has been subjected to tons of scrutiny, calls for the halt of the project, and in certain cases even outright ban.

Facebook is scheduled to appear before Congress later this week to answer numerous queries of regulators related to its project Libra. However, right before the Congressional hearing, the leaders have drafted a discussion bill titled “Keep Big Tech Out of Finance Act“.

As the title says, the aim of this bill is to prohibit tech giants from venturing into the financial world. The bill, if made into law, would also prohibit these big tech giants from “establishing, maintaining,…

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