October 23, 2019 – Facebook founder Mark Zuckerburg is going to reiterate before the US Congress their intention to only launch LIBRA when the US regulators approve it.
Ahead of the planned hearings before the US Financial Services Committee, Mr. Zuckerburg’s prepared statement is an echo on their stand on Libra since it was first announced. He does reiterate that Facebook is just one of the members of the Libra Association, the governing body that will oversee the Libra Project. In his prepared statement, he said:
“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.”
Mr. Zuckerburg stresses that the Association will lead the efforts for Libra and not Facebook.
Furthermore, he stresses that Libra is not an attempt to create a sovereign currency.
“I want to be clear: this is not an attempt to create a sovereign currency. Like existing online payment systems, it’s a way for people to transfer money.”
The upcoming hearing, however, might turn out to be a disappointment for the lawmakers. As mentioned, Libra is governed by the Libra Association. In a separate interview, Facebook Blockchain Lead David Marcus said Mr. Zuckerburg “can share his own views, but he cannot engage or commit to anything on behalf of the association because he doesn’t have the power to do that anymore.”
Libra, a cryptocurrency initiative that aims for financial inclusion, has faced criticism primarily because of Facebook’s reputation when it comes to handling people’s privacy and details. The main argument is that if people cannot trust Facebook to protect their personal details, how can they be trusted of people’s finances.” Another concern relates to Libra being potentially used to undermine the status of the US Dollar in the global economy.
The Libra Association is the governing body that will oversee the Libra Cryptocurrency Initiative. At its formal charter signing this October, COO and Interim Manager Bertrand Perez said that the exit of Paypal, Visa, and Mastercard to the Association will not prevent the launch from happening smoothly.
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