Economy

Zuckerberg to testify in US Congress on Facebook digital currency plan

Zuckerberg to testify in US Congress on Facebook digital currency plan”

Facebook chief executive Mark Zuckerberg will testify before the US House Financial Services Committee on Oct 23 as the social media company faces growing scrutiny from US lawmakers over a planned cryptocurrency and other issues including advertising policies.

In a statement, Brown, the senior Democrat on the Banking Committee, and Schatz, a panel member, said they pointed out in the letter that "Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks now limited to accredited investors".

Rep. Waters and other Democrats on the committee sent a letter to Facebook in July to request a moratorium on its cryptocurrency plans, along with digital wallet Calibra.

Unlike digital currencies such as bitcoin or Ethereum, Facebook's plan calls for Libra to be backed by real currencies.

French economy and finance minister Bruno Le Maire has warned that under current circumstances, Libra posed a threat to the "monetary sovereignty" of governments and could not be authorized in Europe.

U.S. payments processor PayPal Holdings Inc said this month it was leaving the Libra Association, a group of private companies helping develop the currency.

In a letter to Visa, Mastercard, and Stripe, Senate Democrats Sherrod Brown and Brian Schatz have asked the companies to reconsider their involvement with Facebook's controversial Libra cryptocurrency project.

Marcus and other Facebook executives have claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system. His last appearance was in April 2018 in Washington for the Facebook's Cambridge Analytica privacy scandal. He also met with the House Intelligence Committee to discuss ways to prevent foreign actors from disrupting next year's elections.

Zuckerberg's agreement to testify is relatively rare.



Like this

loading...
loading...

Latest


10 October 2019
Aer Lingus flight grounded by climate protester
When he's told once more to sit down , he replies: "I wish I could". "I don't think many of them are breaking the law". The Metropolitan Police confirmed 800 people had been arrested since Monday, with another 220 detained on Wednesday.

10 October 2019
Biden case: Democrats want Giuliani to testify in Senate
Hunter has held a lucrative job with controversial Ukrainian natural gas company Burisma Holdings since 2014. The top Democrats would likely use the high-profile setting in order to take on Trump and grill Giuliani.

10 October 2019
Snoop Dogg responds to KU performance backlash
Snoop took the stage last Friday at Allen Fieldhouse in a performance featuring pole dancers, a money gun and profanity. Snoop also said he had a lot of love for KU and didn't want to talk badly about them.

10 October 2019
Nick Jonas gives thumbs up to Priyanka Chopra`s `The Sky Is Pink`
Priyanka Chopra and Farhan Akhtar's The Sky Is Pink has become of the most anticipated releases in India and overseas. Watch the exclusive interview of Priyanka Chopra Jonas and Farhan Akhtar on their upcoming film " The Sky Is Pink ".

10 October 2019
Boris Johnson to meet Irish leader today for last-ditch Brexit talks
He added: "I think it's going to be very hard to secure an agreement by next week, quite frankly. And, of course, it isn't really".

10 October 2019
Wawrinka and Medvedev lured to Saudi Arabia's US$3m exhibition tournament
Saudi Arabia will host its first-ever worldwide tennis tournament later this year, offering a prize fund of US$3 million. Tensions have been brewing between Tehran and Riyadh since the Saudi oil facilities were struck by missiles last month.

10 October 2019
US Military in Afghanistan reacts to latest UNAMA report regarding civilian casualties
The US military says there were only Taliban combatants in the facilities, and no civilian casualties were confirmed. The agency said it's working to confirm reports of an additional 37 civilian deaths from the airstrikes.

10 October 2019
HSBC to cut up to 10000 jobs to trim costs
The campaign "demonstrating our commitment to grow our business in China", the bank said at the time. Job cuts could be announced when HSBC reports third-quarter results at month end.

10 October 2019
Tammy Abraham reveals England plan to walk off pitch over racist abuse
No referee has called a halt to a game, however, since the guidelines were put in place in 2017. He's a strong character, he played well".

10 October 2019
Hays Travel To Buy 555 Thomas Cook Stores
Jim Tucker, partner at KPMG, added: "This is an extremely positive outcome, and we are delighted to have secured this agreement". Hays Travel is one of the top 100 mid-size United Kingdom firms to work for, according to a Sunday Times listing.