Money: Criticism Skepticism and Social-Media Giant

money: U.S. House Financial Services Committee Chair Maxine Waters promised an aggressive response from Congress, according to The Japan Times. Former European Central Bank Vice President Vitor Constancio called the initiative unreliable and dangerous. It's out of the question that the social-media giant's digital money compete with sovereign currencies, Le Maire said. ; That was just the first shot in a torrent of criticism and skepticism from policymakers around the world. Led by the social network with more users than the combined population of China and the U.S., the project represents a potential challenge that the guardians of money have never faced a global currency they neither control nor manage. It is the beginning of a new financial system where current gatekeepers are substantially less relevant, said Joey Krug, co-chief investment officer at Pantera Capital, founded in 2013 as the first U.S. investment firm focused on bitcoin. And while the megabanks and their regulators face no short-term threat to their command of finance, advocates of cryptocurrency say the future has arrived and that there's no turning back. (news.financializer.com). As reported in the news.