Facebook Inc CEO Mark Zuckerberg sought to reassure skeptical U.S. lawmakers on ...
WASHINGTON - Facebook Inc CEO Mark Zuckerberg sought to reassure skeptical U.S. lawmakers on Wednesday that the company’s planned digital currency Libra would be a force for good that could reduce costs for electronic payments and help more people participate in the global financial system.
Representative Maxine Waters, the panel’s fiery Democratic chair, had previously called for the Libra project to halt its planned 2020 launch, and has drafted legislation that would bar tech companies from entering financial services. Libra has faltered in recent weeks amid sustained criticism from lawmakers and regulators over fears it may aid money laundering and upend the global financial system. Several financial partners including Mastercard, Visa, PayPal and eBay have abandoned the project.
Zuckerberg acknowledged Facebook’s mistakes but said they should not stand in the way of Libra, based in Switzerland, which would help reduce the cost of global payments.
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