Facebook CEO Mark Zuckerberg agrees to testify before Congress on Libra

Marco Green
October 10, 2019

Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill April 10, 2018 in Washington, DC. Committee Chairwoman Maxine Waters (D-Calif.) and other lawmakers have previously expressed concerns about Libra and its potential to mask fraud, abuse and money laundering.

The announcement notes that Waters and other Democrats on the commitee sent a letter to Facebook in July, requesting an immediate moratorium on the implementation of proposed cryptocurrency Libra and digital wallet Calibra.

France's finance minister said Wednesday that the European Union should not allow Facebook to develop the currency project on "European territory" because it threatens the monetary sovereignty of member countries. The hearing will be called "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors" and will deal with Facebook's planned cryptocurrency, Libra.

U.S. payments processor PayPal Holdings Inc said this month it was leaving the Libra Association, a group of private companies helping develop the currency.

The move comes with Facebook's planned digital coin Libra facing heavy criticism from regulators and lawmakers in the United States and Europe.

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. He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged. He answered questions about Facebook's handling of user data, its privacy practices and the basics of how the social network operates.

Zuckerberg will be the sole witness at the hearing, according to a news release. Zuckerberg was grilled by Congress previous year in the wake of the Cambridge Analytica data scandal.

Other reports by Click Lancashire

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