According to CNBC's October 22 report, Facebook CEO Mark Zuckerberg will testify on Wednesday at the US House Financial Services Committee, he will tell lawmakers that the Libra project "will enhance US financial leadership and globally Expanding the democratic values and supervision of the United States."
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When we talked about the Libra project, other internationals did not move. Zuckerberg wrote in his testimony that China is taking action quickly and is expected to launch a product similar to Libra in the coming months. Libra will be largely supported by the US dollar, which I believe will enhance US financial leadership and expand US democratic values and oversight around the world. Without sustained innovation, there will be no guarantee of US leadership in the financial sector.
In the past few weeks, the Libra Association, which manages Libra, faces a difficult situation. Following the withdrawal of Visa, MasterCard, PayPal, eBay, Strible, Booking and Mercado Pago, the membership of the Libra Currency Association has been reduced to 21.
Facebook has said that it plans to launch Libra in 2020. Later, it said it would not launch Libra before it was approved by the regulator. In the testimony of the hearing on Wednesday, Zuckerberg reiterated this position again, saying:
Facebook cannot control the Libra Currency Association, which is completely independent. At the same time, I want to make it clear that Facebook will not launch the Libra payment system anywhere in the world until it is approved by US regulators.
In addition, Zuckerberg emphasized in his testimony that Libra's future is in the hands of the Libra Bank Association rather than Facebook.
In the future, Facebook will not be responsible for leading the development of the Libra project. Facebook has established the Libra Currency Association and built its governance structure. From now on, the Libra Currency Association will manage and promote this project.
At the same time, Zuckerberg also refutes Libra's attempt to replace sovereign currency.
The last question, is Libra planning to replace sovereign currency, and is it appropriate for private companies to participate in such innovative projects? I want to make it clear that Libra is not a new sovereign currency created by Facebook. It is used for transfer, just like existing online payment systems, rather than competing with sovereign currencies or affecting monetary policy.
However, Zuckerberg did not clearly explain why when competitors Venmo (PayPal), Apple Pay or Square Cash and existing government currency are running well, Facebook feels the need to introduce new cryptocurrencies.