This article comes fromCNBC, original author: Salvador Rodriguez
Odaily Translator |
Facebook CEO Zuckerberg will testify against Libra before the U.S. House of Representatives Financial Services Committee on Wednesday (October 23). He will tell lawmakers that the Facebook-backed Libra cryptocurrency "will expand America's financial leadership, and our democratic values and oversight around the world."
according toaccording to(full translationclick the linkclick the link
), Zuckerberg said, “The rest of the world is not waiting while we discuss these issues. China is moving quickly to roll out similar ideas in the coming months. Libra will be primarily backed by the U.S. dollar and will expand the U.S. financial leadership and U.S. democratic values and oversight around the world. Our financial leadership cannot be guaranteed if the U.S. does not innovate.”
Zuckerberg's testimony comes after a difficult few weeks for the Libra Association. After the departure of Visa, Mastercard, PayPal, eBay, Strible, Booking and Mercado Pago, the members of the Libra Association Association were reduced to 21.
When Facebook announced Libra, it said it planned to launch the digital currency in 2020. The company has since said it will not launch Libra until it has received regulatory approval. Zuckerberg reiterated that stance in his testimony.
Zuckerberg said, "Although the Libra Association is independent and we do not control it, I want to be clear: Facebook will not participate in the launch of the Libra payment system anywhere in the world until US regulators approve it."
Zuckerberg also emphasized that the future of Libra is now in the hands of the Libra Association, not Facebook.
Zuckerberg said, "By design, we do not expect to lead these efforts forward. The Libra Association has been established, has a governance structure in place, and will drive the project from now on."
Regarding Calibra, Zuckerberg mentioned, "We set Calibra as a regulated subsidiary, and clearly separated Facebook social data and Calibra financial data. Unless it is to prevent fraud or criminal activity, or when users explicitly choose to share data, Or when we have a legal obligation to do so, Calibra would not otherwise share user account information or financial data with Facebook."
Zuckerberg also dismissed the notion that Libra seeks to replace sovereign currencies.
secondary title
Related Reading:
Full text of Zuckerberg's congressional testimony leaked for the first time
Odaily Frontline｜ One article to understand the latest governance structure of the Libra Association
