An analysis of Facebook CEO Mark Zuckerberg's planned testimony before congress on the libra cryptocurrency.
Facebook CEO Mark Zuckerberg makes rounds ofmeeting with senators in September. On October 23 he’ll address congress directly related to cryptocurrency.At 10 am ET this morning, Facebook CEO Mark Zuckerberg is scheduled to testify before the United States House of Representatives Committee on Financial Services about his role in developing libra, a cryptocurrency backed by a basket of stable international assets and designed to be spendable anywhere in the world.
The introduction is interesting for three reasons. First, Zuckerberg plans to position Libra on the global context as a reaction to China’s plans to release a similar cryptocurrency spendable anywhere in the world, and distributed via a consortium of state-owned companies.
The second section of Zuckerberg’s remarks to congress largely rehash the already well-known definition of the Libra Association founded by Facebook, the libra cryptocurrency, and Facebook’s Calibra wallet for storing the cryptocurrency, with one small change. Since Facebook’s head of cryptocurrency, David Marcus testified before congress in July, four U.S.
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