Facebook’s CEO to Declare in US about their Cryptocurrency Libra

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October 11, 2019

Facebook’s CEO to Declare in US about their Cryptocurrency Libra

 

Facebook’s officials announced on Wednesday that this month Zuckerberg will testify in the US House of Representatives their plan to globalize their digital currency.

The officials at the House Financial Services Committee also announced that Mark will be the only sole witness in regard to An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors. This very decision has come at time when Facebook’s digital coin Libra is facing heavy criticism from the states of US and Europe.

David Marcus, a Facebook executive made several statements in favor of the plan for more than two hours. He focused on the plan that Facebook would not launch the currency without the approval of the concerned authority.

David and other executives of Facebook claimed that Libra would help in lowering the costs in cross border money transfer and help the people who do not have any access to the banking system.

Bruno Le Maire the finance minister of Europe has warned that Libra pose a serious threat to the government and it could not be regulated in Europe.

Last week PayPal also announced that it is exiting from the group of companies that are promoting Libra.