Zuckerberg is still difficult to eliminate regulatory concerns, can Libra kill a bloody road?

Libra's founder, Facebook founder Mark Zuckerberg, recently set up a dinner with several US lawmakers. At this dinner, he was tortured by many lawmakers and proposed to Facebook. The Libra Stabilization Coin Program expressed close attention.

Mark Zuckerberg

Zuckerberg was tortured by Democratic lawmakers

According to an article in the Washington Post on September 19th, Democratic Senator Mark R. Warner said that Zuckerberg heard "continued concerns about privacy from parliamentarians. Worries, and concerns about how to deal with them."

The US senator said that Facebook’s plan to launch Libra was asked some specific questions. Libra is a cryptocurrency that has received widespread attention from policymakers around the world in recent months.

Warner said:

“One thing I am very worried about is that when the Facebook representative testified before the Senate and my committee, he said, 'You know, if we don't get approval from the US regulator, we won't launch it.' However We heard a lot of signs that Facebook might choose to launch Libra in other countries first, so some people didn't tell the truth."

Warner seems confident that Zuckerberg acknowledged that the concerns of US policymakers do exist, but added:

“I still can’t be 100% sure if they feel they can launch new products without the approval of US regulators.”

Senator Richard Blumenthal also attended the dinner on September 18th, saying that he welcomed "Zuckerberg's strong, constructive interest" and added:

“We talked about some of the most pressing challenges facing the technology industry, including its failure to protect election security and consumer privacy. I am concerned about the challenges of privacy protection.”

Acquired the support of policy makers to become Zuckerberg’s top priority

Earlier reports said that a Facebook spokesperson said that Zuckerberg will meet policymakers in Washington to discuss privacy, competition and Facebook's handling of political content. As the most concerned Libra, natural probability will be asked. Just earlier this year, the US Congress held two hearings on Libra, and Libra’s head, Marcus, attended the testimony. However, this did not eliminate regulatory concerns. After that, Fed Chairman Powell and US Treasury Secretary Nuchin have made an attack on Libra. Libra wants to create a new global financial system without borders, serving the financial infrastructure of billions of people, but regulatory approval is indispensable, and Zuckerberg and Libra's vision is far from the day they are realized. .

Facebook faces new resistance from European legislators

Libra is not doing well in jurisdictions outside the United States in the face of many obstacles to US regulation. Germany and France have reached a united front against Libra, clearly opposing Libra's development in Europe. Libra's implementation in Europe seems to have fallen into a dead end, almost impossible.

This month, French Finance Minister Bruno Le Maire said that France will not approve the development of Libra in Europe. He said:

"I want to be clear. According to the current situation, we cannot authorize Libra to develop in Europe. If it becomes a global currency, held by a single party, and its global users exceed 2 billion, then the country's monetary sovereignty will be threatened. ""

Especially in Germany, on September 18th, the cabinet of German Chancellor Angela Merkel approved a blockchain strategy aimed at preventing stable currencies from becoming alternative currencies and threatening national sovereignty. German Finance Minister Olaf Scholz warned that policy makers cannot accept parallel currencies. He said that

"We must protect consumers and national sovereignty. The core element of national sovereignty is the issuance of currency, and we will not leave this task to the private sector."

Faced with airborne attacks from global regulation, do you think Facebook and Zuckerberg can lead Libra to a bloody road?