Facebook to tell Congress that Libra to 'extend America's financial leadership'
Facebook CEO Mark Zuckerberg said in prepared remarks ahead of a key congressional hearing on Project Libra that Facebook will not launch Libra anywhere in the world unless all U.S. regulators approve it. He will tell lawmakers that the Facebook-backed Libra cryptocurrency "will extend America's financial leadership as well as our democratic values and oversight around the world." "While we debate these issues, the rest of the world isn't waiting. China is moving quickly to launch similar ideas in the coming months," Zuckerberg said in his prepared remarks. "Libra will be backed mostly by dollars and I believe it will extend America's financial leadership as well as our democratic values and oversight around the world. If America doesn't innovate, our financial leadership is not guaranteed." "Even though the Libra Association is independent and we don't control it, I want to be clear: Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve," Zuckerberg said. "By design, we don't expect to be leading those efforts going forward," Zuckerberg said. "The Libra Association has been created, has a governance structure in place, and will be driving the project from now on." "Finally, there's the question of whether libra is intended to replace sovereign currency, and whether it's appropriate for private companies to be involved in this kind of innovation," he said. "I want to be clear: this is not an attempt to create a sovereign currency. Like existing online payment systems, it's a way for people to transfer money." Reference Link