Zuckerberg: Libra will enhance US financial leadership and has no intention of competing with sovereign currencies

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."

Photo-1549813069-f95e44d7f498

(Source: Unsplash )

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Get Ready for a Crypto Carnival - New Listings and Delistings!

Check out our latest rundown of notable digital asset listings, delistings, and trading pair updates from crypto exch...

Blockchain

Market Weekly | The market is in a consolidation period, and the exchange has picked up

Weekly summary Last week, the average daily market value of global digital currency assets was 326.973 billion US dol...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

Has the long-standing resentment towards VC finally erupted? After falling out with LianGuairadigm, Reflexer bought back tokens and put on a mocking face.

This year, you can earn substantial profits from cryptocurrency, all coming from self-reliant projects without ventur...

Blockchain

Lies of the trading platform——how to dynamically check the authenticity of transactions on the exchange

I. Overview of market transactions As an important participant and builder in the blockchain ecosystem, cryptocurrenc...

Opinion

Wall Street Journal Binance Empire on the Verge of Collapse

After the collapse of FTX, the largest cryptocurrency exchange in the world seems to be Binance. However, less than a...