tech2 News StaffOct 23, 2019 16:04:43 IST
Mark Zuckerberg will be testifying in front of the United States House of Financial Services Committee today to defend Facebook’s highly controversial Libra cryptocurrency project. Before the hearing, Zuckerberg released a testimony that he will be presenting to Congress.
In his testimony, he pointed out that China will be launching similar ideas in the coming months and if America doesn’t innovate, the country’s financial leadership won’t be guaranteed. He believes that Libra will also extend America’s democratic values and oversight around the world. You can read the entire testimony below.
Zuckerberg's testimony will come at a precarious time for Libra. The Libra Association saw the departure of big partners including eBay, Booking, Mastercard, Mercado Pago, PayPal, Stripe, and Visa, and now there are only 21 members currently.
In the conclusion of his testimony, Zuckerberg admits that it has been a challenging few years for Facebook and it has to live up to expectations of privacy and security. He reiterated that Libra's payment system won’t be launched without the appropriate approval from US regulators. He also added that the Libra Association is independent of Facebook and it doesn’t exert any control over it.
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