Facebook founder and CEO Mark Zuckerberg will be defending his embattled Libra project before the United States House of Representatives Committee on Financial Services today, Wednesday August 23, 2019. He has, however, said the project won’t be launching in any country until the US grants its approval.
“But even though the Libra Association is independent and we don’t control it, I want to be clear: Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve,” Zuckerberg said in prepared testimony statement ahead of the hearing.
Zuckerberg said billions of persons are still unbanked around the world, but they can be liberated from being shut out of the financial system through mobile phones if the right system exists.
When talking about the need to solve the myriads of financial problems, Zuckerberg said this is why a group of 21 companies joined heads together to launch Libra cryptocurrency envisioned to give all and sundry access to financial tools.
The CEO said even though he understands that Facebook might not be the ideal messenger for the sermon, something needs to be built to solve the glitches experienced in the finance industry over the years so that people can send money like they are sending text message.
“I’m sure people wish it was anyone but Facebook putting this idea forward.”
The hearing will be centered on the impact of Facebook on the financial services and housing sectors with possible questions bordering on users’ privacy which has long been a smear campaign against the company.
Zuckerberg in the statement denounced the allegation that his company sells peoples’ data, saying Facebook is highly committed to consumer protection. Zuckerberg furthered that they don’t share users’ data with third party for lending or credit decisions.
While making his conclusion, Zuckerberg clarified the stirring question of whether Libra will exist to replace the sovereign of fiat currencies like Dollar. The CEO said Libra was not designed in an attempt to create or compete with sovereign currencies or enter the monetary policy arena.
Zuckerberg added that Libra will work with the Federal Reserve and other Central Banks in charge of monetary policy.