Facebook Libra Project Leader: Libra has no intention of competing with any sovereign currency and will not launch it

David Licus, head of the Facebook Libra project, is about to attend the hearing on the eve of the hearing, and a testimony has been disclosed in advance. In the testimony, Marcus introduced and explained the Libra project and its entire ecosystem, and stated that Libra is a payment tool, not an investment. People don't buy it as they buy stocks or bonds, and expect it to pay or add value. In contrast, Libra is more like cash. For example, people use it to send money to family members in other countries, or to buy things. He said that Libra has no intention of competing with any sovereign currency or entering the field of monetary policy. The Libra Association will work with the Federal Reserve and other central banks to ensure that Libra does not compete with sovereign currencies or interfere with monetary policy. Monetary policy still belongs to the central bank. Currently, the Libra Association has the first 27 “Founding Members” covering industries such as payments, technology, telecommunications, blockchain and venture capital. Marcus said that during the period from now to the future, it is an open process and is subject to supervision and review. Facebook expects this to be the most extensive and cautious "pre-marketing" regulation that regulators and central banks will conduct in the history of financial technology. Marcus also stressed that Facebook will not launch the Libra digital cryptocurrency until the regulatory concerns are fully resolved and appropriate approval is obtained.