Mark Zuckerberg will testify before the House Financial Services Committee on Wednesday, telling lawmakers that the Facebook-backed Libra cryptocurrency “will extend America’s financial leadership as well as our democratic values and oversight around the world.”
“While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months,” Zuckerberg said in his prepared remarks. “Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.”
Zuckerberg’s testimony comes after a rough few weeks for the Libra Association, which saw its member ship dwindle down to 21 after the departures of Visa, Mastercard, PayPal, eBay, Stripe, Booking and Mercado Pago. The Libra Association, which is the group
When Facebook announced Libra, the social media company said that it planned to launch the digital currency in 2020. Since then, the company has said that it will not launch Libra until it receives regulatory approval. Zuckerberg reiterated that stance in his prepared remarks.
“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.
Source: CNBC
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.