Zuckerberg Faces US Congress panel over Planned Digital cryptocurrency

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Mark Zuckerberg

It’s looking good for Mark Zuckerberg, Facebook and his Libra cryptocurrency. Mark appeared before Congress to seek their approval over the digital cryptocurrency.

The Libra Association features 28 founding members. And earlier this month, it was reported that eight of those members have pulled out of the Libra project. This includes prominent names like PayPal, Visa, Mastercard, Stripe, and eBay. The remaining 21 members signed to become the founding members.

During the hearing which was held in Washington D.C., the Congress panel questioned the motive of the payment system, stating it could be used by criminals and terrorists. They also shed light on the fact that Zuckerberg has lied to the US regulators before in the past.

Mark Zuckerberg maintains that Libra will not be launched without the government’s approval. And that Facebook will pull out as a founding member should the Association proceed to launch the project without the US regulators.

It’s not only the US that is showing great concerns about the Libra project. Regulators around the world are also not buying the idea. In fact, the G7 group of nations threatens to block the project unless they get an assurance from Mark & Facebook about the safety and security of the cryptocurrency.

In response to all these, Mark Zuckerberg said

“I get that I’m not the ideal messenger for this right now. We’ve faced a lot of issues over the past few years and I’m sure there are a lot of people who wish it were anyone but Facebook that was helping to propose this. But there is a reason we care about this and that’s because Facebook is about putting power into people’s hands.”

He also emphasized on the fact that Facebook won’t control the Libra cryptocurrency. The company will only have a seat at the table of the governing board, which is five.

Honestly, can we really refer to a digital currency regulated by the government as “cryptocurrency”? The government involvement in this goes against everything cryptocurrency stands for.

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