Zuckerberg to tell Congress Facebook is 'not the ideal messenger' for Libra currency

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9L1N1_L.jpg

By Pete Schroeder

WASHINGTON (Reuters) – Facebook (NASDAQ:) Chief Executive Mark Zuckerberg plans to acknowledge before Congress that Facebook is not the “ideal messenger” for its Libra cryptocurrency project, given ongoing criticism of the company.

In prepared testimony made available on Tuesday, Zuckerberg plans to tell lawmakers he supports delaying Libra’s launch, currently set for mid-2020, until U.S. regulatory concerns are fully addressed. And he will add that the Libra digital currency is intended to facilitate money transfers, not to compete with sovereign currencies or impact monetary policy.

Zuckerberg is set to testify on Wednesday before the House Financial Services Committee, where he is expected to face critical questions from lawmakers wary of Facebook’s efforts to build a worldwide digital currency, and other forays into financial services.

In his prepared testimony, Zuckerberg acknowledges those criticisms, but insists the Libra project has merit and could help millions of people by making it easy to transfer money. He also will note that other countries, like China, are already investing in similar projects.

“I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now,” his testimony states. “I’m sure people wish it was anyone but Facebook putting this idea forward.”

Zuckerberg insists in his testimony that Facebook does not want to skirt regulators in establishing Libra, and says that the product would not launch anywhere in the world until all U.S. regulators are satisfied.

While acknowledging mistakes, Zuckerberg insists technology, and Facebook in particular, still has much to offer and he pushes back against strong criticism of the company.

“If healthy skepticism becomes all-out hostility, we’ll put a lot of progress at risk,” his testimony states. “I understand people have concerns about Libra. But I think it would be bad for our country and the world if companies were discouraged from taking on challenges like these.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment