Facebook's Crypto 'Libra' by Mark Zuckerberg Takes Beating in Dire Strait as Congress Moves in On 'Monopolized' Self Regulations
Government is weary on Trusting Facebook as a Company to Self Regulate Crypto Business as he is question by half the senate in relation to protecting User Data.
Courtesy of YouTube @CNBC
When Facebook first declared it was getting into the crypto business—with an essentially unregulated money called Libra—the response from Wall Street and government investors was about true to form. There was doubt and pushback from the two quarters.
Quick foward a couple of months, and Libra is in a difficult situation. The web based life mammoth had arranged an extensive rundown of corporate benefactors for the activity, incorporating significant players in the installments space. What's more, in October 2019, a few noticeable supporters started to pull out.
When requested remark about the ongoing issues, a Facebook representative alluded CNBC to an announcement from the Libra Association that stated: “The Association is eager to pursue its mission of building a better payment network, broadening access to essential financial services, and lowering costs for billions of people who need it the most.”
US Chairwoman of Congress Ms. Waters said, “Today we're here to examine the impact of Facebook on the financial services and housing sectors our sole witness is Facebook's chairman and CEO Mark Zuckerberg Facebook's plans to create a digital currency Libre and a digital wallet ‘Calibra’ raised many concerns relating to privacy trading risk discrimination opportunities for diverse owned financial firms national security monetary policy and the stability of the global financial system.
Each month 2.7 billion people use your products that's over a third of the world's population that's huge that's so big that it's clear to me and to anyone who hears this list that perhaps you believe that you're above the law and it appears that you are aggressively increasing the size of your company and are willing to step on or over anyone including your competitors women people of color your own users and even our democracy to get what you want all of these problems I've outlined and given the company's size and reach it should be clear while we have serious concerns about your plans to establish a global debt digital currency that would challenge the US dollar in fact you have opened up a serious discussion about whether Facebook should be broken up.”
Courtesy of YouTube @CNBC
Mark Zuckerberg said “Thank you for the opportunity to testify today as we sit here there are more than a billion people around the world who don't have access to a bank account but could through mobile phones if the right system existed and that includes more than 14 million people. Right here in the U.S. being shut out of the financial system has real consequences for people's lives and it's often the most disadvantaged people who pay the highest price people pay far too high a cost to have to wait far too long to send money home to their families abroad the current system is failing them. The financial industry is stagnant and there is no digital financial and architecture to support the innovation that we need. I believe that this problem can be solved.”
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