US Lawmaker Tells Mark Zuckerberg to Fix Facebook Before Libra Launch

WASHINGTON: A battery of US lawmakers bluntly told Facebook CEO Mark Zuckerberg in a hearing here to address his existing failures first before launching the digital currency Libra. In a six-hour grilling at a House Financial Services Committee hearing on Wednesday, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans. “As I have examined Facebook’s various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” said California Representative Maxine Waters.

The hearing was focused on Libra, a cryptocurrency Facebook plans to launch in the first half of next year, reports CNET. “Facebook’s internal motto was for a long time ‘move fast and break things.’ Mr. Zuckerberg, we do not want to break the international monetary system,” said New York Democrat Nydia VelAizquez. Despite some top-notch firms pulling out, Facebook and 20 partner organizations have formally launched the digital currency Libra project. Companies like Paypal, Visa, MasterCard, and eBay have pulled out of the Libra cryptocurrency project to apparently avoid the US regulators who are scrutinising Facebook and its subsidiaries. On his part, Zuckerberg said he is trying to use the position that he has to do things that are going to make the world better. Facebook won’t be involved in Libra’s launch unless it gets US approval, he added. (IANS)

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