The CEO of Facebook is going to protect the Libra project before a congressional committee on October 23. He states that coin won’t issue until the US government confirms the project.
Zuckerberg made remarks before the hearing in the House Financial Services Committee, where he mentions that the corporation is offering an affordable solution to current systems of money transferring around the world.
He wrote that the current system is disappointing as the people have to pay enormous charges and wait for too long for sending money.
The hearing is going to be concentrated on the Libra, but other significant subjects bother the government, like election ads, user privacy and targeted-advertising on social media.
The thing that lawmakers are mostly worried about is that Facebook, with its cryptocurrency, is going to involve actively in the global economic sphere. Also, the resistance to Libra is connected with the concerns of currency’s criminal activity.
Zuckerberg also pointed out the fact that if the government prevents Libra launch, other countries like China may create their currencies, which will bring to huge problems. He mentioned that the world is not standing on the side, while we debate about Libra. America’s economic influence is not insured if the country is not innovative.