Mark Zuckerberg told a congressional committee that Facebook would not back any move by Libra to launch the cryptocurrency until it satisfies U.S. regulatory concerns
WASHINGTON - Facebook Inc CEO Mark Zuckerberg conceded on Wednesday that the company’s planned digital currency Libra was a “risky project,” but sought to reassure skeptical U.S. lawmakers that it could lower the cost of electronic payments and open up the global financial system to more people.
Waters had previously called for halting the Libra project before its planned 2020 launch, and has drafted legislation that would bar tech companies from entering financial services. Zuckerberg said Facebook would insist on U.S. regulatory approval before launching Libra, which is being established by a Switzerland-based consortium including venture capital firms and nonprofits. He said Facebook would even leave the Libra Association if other companies sought to launch the currency without that sign-off.
Representative Ann Wagner, a Republican, pressed Zuckerberg on why so many companies abandoned the Libra effort. “You’ve lost these stable partners and I find it highly concerning,” she said. “Why do a number of these founding members have concerns of whether you’re up to the task of meeting our money laundering and regulatory standards?”
On Wednesday, he acknowledged Facebook’s mistakes, saying he understood the social media giant was not the “ideal messenger” for the Libra project and that the company has “work to do to build trust.” But he said past missteps should not stand in the way of Libra, based in Switzerland. On Oct. 14, the Libra Association comprising 21 members agreed articles of association laying out how the organization will be governed, as required by Swiss law. Most decisions will require a majority vote of the group’s governing council, meaning Facebook will not call the shots.
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