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BCN-11
US-IT-LIFESTYLE-FINANCE-FACEBOOK
Zuckerberg to testify in US Congress on Facebook digital currency plan
WASHINGTON, Oct 10, 2019 (BSS/AFP) – Facebook chief executive Mark
Zuckerberg will testify at the US House of Representatives this month on the
social network’s plan for a global digital currency, officials announced
Wednesday.
The House Financial Services Committee said in a statement that Zuckerberg
would be the sole witness at the October 23 hearing on “An Examination of
Facebook and Its Impact on the Financial Services and Housing Sectors.”
The move comes with Facebook’s planned digital coin Libra facing heavy
criticism from regulators and lawmakers in the United States and Europe.
Earlier this year, David Marcus, Facebook’s executive heading the digital
coin effort, defended the plan for more than two hours at a Senate Banking
Committee meeting and said the cryptocurrency would not be launched without
regulatory approval.
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.
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.
Last week, digital payments firm PayPal said it was quitting the alliance
of companies and organizations promoting Libra, raising questions over
Facebook’s ability to launch the coin early next year as planned.
BSS/AFP/HR/1025