Facebook’s Zuckerberg to testify before Congress on Libra

Daniel Fowler
October 10, 2019

As commercial support for the Libra cryptocurrency project appears to be wavering, British mobile telecoms group Vodafone has reiterated its support, but with caveats.

Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington previous year.

Zuckerberg will testify before the US House Committee on Financial Services on October 23, according to a post on the committee's website.

"Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers' questions", Facebook said in a statement Wednesday.

The Hearing comes after several prior Hearings where Libra representative and Calibra CEO David Marcus attempted to defend Facebook's announced stablecoin.

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The plan would open low-priced online commerce to millions of people around the world who lack access to bank accounts, and would make it cheaper to send money across borders, Marcus said.

Marcus' comments such as taking to Twitter to say that Libra "needs committed members" in response to the rumors that some companies were preparing to walk was a possible dig at companies having second thoughts about their ongoing support for the Libra Association.

Mark Zuckerberg is going to Washington this month, where he'll face lawmakers who are skeptical of Facebook's plans to establish its own cryptocurrency. But lawmakers around the world raised concerns about its implications for financial markets, cyber crime and consumer privacy.

Why Zuck's on defense: Regulators around the globe say Libra could be used to facilitate money laundering and destabilize the global financial system. The House Financial Services Committee also oversees housing issues, and Zuckerberg may be asked about Facebook's advertising practices.

Whatever the outcome of both Vodafone's push and Zuckerberg's testimony, there is one thing for sure: There's never a tiresome moment when it comes to Facebook's attempt to bring a cryptocurrency to market.

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