Congress hearing about Libra: Zuckerberg forced to protect Facebook

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In today’s congress hearing about Libra, Mark Zuckerberg, revealed that he plans on taking Facebook out of Libra in case it deviates from principles.

Facebook’s Libra the global punching bag

Facebook’s Libra has garnered unwanted attention since its announcement earlier this year. Regulators, including those in the United States, have been against the idea since day one. Regulators across France and Germany want to stop its development while China and India have imposed a ban on it. Japan, on the other hand, is urging for a cooperative framework to reduce Libra’s impact.

Congress hearing about Libra or against Libra?

Now Facebook CEO Mark Zuckerberg was obliged to support his position about Libra and all the concerns regarding the project to Congress. In the Congress hearing, Mark was asked about why did Libra partners lose confidence in the project and ended up backing out. Mark answered that Libra is a “risky project,” and the departed parties were uncertain about its success. The congress hearing about Libra hosted much hostility against the project.

Another Congress member highlighted that over 90 percent of all reported child abuse cases are found on Facebook. The member stated that Facebook should not establish an end-to-end encryption system as the platform already has a high amount of shocking content without the feature.

The most biting comments came from Congressman Bradley Sherman. Bradley used his allocated five minutes in pulling Libra apart while asking no questions. Bradley did not give Mark any chance at defending the project.

Per his say, Libra’s objective of fulfilling the needs of banked and unbanked is only a dream as both Facebook, and its CEO have done nothing in that regard. He also said that it was funny to see one of the wealthiest people in the world to hide behind poor people.

Zuckerberg stated that Libra Association has become its own entity, and Facebook alone cannot stop it. However, if things deviate from his vision, he is likely to pull Facebook out of Libra. In the Congress hearing about Libra Zuckerberg’s testimony was broadcasted live on The Guardian.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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