Zuckerberg Facebook CEO, pushes cryptocurrency Libra as planned

( 2019. 10. 24 GMT+9 )

Facebook’s chief executive, Mark Zuckerberg, said it will issue cryptocurrencies as planned.

The Wall Street Journal (WSJ) reported, at the US House of Representatives Financial Council hearing on Wednesday (23) Zuckerberg insisted that he would provide financial services to hundreds of millions of consumers worldwide and his intention was legitimate, despite there are risks.

In a six-hour hearing, Zuckerberg said he wasn’t sure if Libra would succeed, but stressed that he would not be willing to participate in the issuance directly unless approved by US authorities.

Facebook announced for the first time the issuing plan of Libra jointly with 27 companies last June. The US Congress and regulators have expressed concern over personal data breaches and financial market unrest, and have tried to stop it also in Europe.

In particular, it has been criticized for spreading false news and neglecting user privacy, which raised the issue of trust in Facebook.

At the hearing, many Republicans and Democrats criticized the Libra plan, but some Republicans praised Facebook’s attempts to innovate.
Congressman Nidia Velazquez (Democracy and New York) has asked Zuckerberg to wait for new regulations in Congress before Libra is issued.

The journal reported that Facebook executives met with Federal Reserve and Treasury officials to explain the details before the Libra plan was released in June.

The Libra Association, formed with Facebook and Visa, MasterCard and PayPal Holdings for the issuance of Libra, has been asked by political and regulatory authorities to explain how to prevent money laundering or terrorist support and one-quarter of its employees were found to have left.

( source : http://www.fnnews.com/news/201910241052398061 )

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