Facebook Chief Executive Mark Zuckerberg plans to acknowledge before Congress th...
FILE PHOTO: A small toy figure is seen on representations of the virtual currency on a displayed European Union flag and the Facebook Libra logo in this illustration picture, October 20, 2019. REUTERS/Dado Ruvic/Illustration
In prepared testimony made available on Tuesday, Zuckerberg plans to tell lawmakers he supports delaying Libra’s launch, currently set for mid-2020, until U.S. regulatory concerns are fully addressed. And he will add that the Libra digital currency is intended to facilitate money transfers, not to compete with sovereign currencies or impact monetary policy.
In his prepared testimony, Zuckerberg acknowledges those criticisms, but insists the Libra project has merit and could help millions of people by making it easy to transfer money. He also will note that other countries, like China, are already investing in similar projects. Zuckerberg insists in his testimony that Facebook does not want to skirt regulators in establishing Libra, and says that the product would not launch anywhere in the world until all U.S. regulators are satisfied.
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