Facebook's partners yet to commit money to Libra

By Canadian Press	
	 		Facebook says Libra won’t launch without US approval				Oct 22 2019

By Canadian Press Facebook says Libra won’t launch without US approval Oct 22 2019

Facebook CEO Mark Zuckerberg is testifying Wednesday on Capitol Hill as his company's actions face escalating criticism.

Facebook's rock-bottom trust rating was a popular topic in the hearing.

But Mr Zuckerberg has once again been summoned to the U.S. capitol to address concerns from lawmakers over the potential for the Libra currency to be abused, or negatively disrupt the global financial order. Of the 28 original Libra Association members, 21 now remain, including Facebook, after the departures of PayPal, Visa, Mastercard, eBay, Stripe, Booking Holdings and Mercado Pago.

Instead, Zuckerberg is pushing an optimistic vision of Libra and what it could mean for people around the world who don't have access to bank accounts.

"Of course, as a big company, we're not going to do something that isn't regulated or is decentralized", said Zuckerberg, apparently contradicting the original mission statement for Libra.

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While insisting that Libra and Facebook's Libra-related wallet unit, Calibra, will meet all regulatory demands, Zuckerberg says that if America does not lead on digital payments, foreign companies and countries will move in, perhaps without the same level of regulatory oversight. But Zuckerberg said he views the United States financial system as "outdated", and China, he constantly reminded Congress, is working on its own public-private digital currency partnership with payment processor Alipay, which boasts 900 million users.

Several high-profile companies that had signed on as partners in Facebook's governing association for Libra have recently bailed, spelling a potentially rough road for the project.

In a speech last week at Georgetown, Mark Zuckerberg again gave a detailed explanation of how Facebook is making sure all of us can debate politics freely, while at the same time screening out what I'd call the jerks - the people who want to bully, terrorize, and dehumanize.

Mark Zuckerberg, the Facebook chief executive, faced hostile questioning in the US Congress from politicians of both parties on Wednesday as he sought to reassure them, amid suggestions that the social media network should be broken up, that the planned digital currency Libra can be a force for good.

Zuckerberg warned lawmakers that others around the globe, especially China, were eager to take a leadership role in legitimizing cryptoocurrency.

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The world's largest cryptocurrency dropped as much as 10 per cent to US$7,305 in NY, the lowest level since May.

Congressmen also took the rare opportunity to question Zuckerberg about Facebook's track record on data privacy and how Libra would guarantee users' financial privacy.

The Facebook CEO also has cited competition from China as a compelling reason against breaking up the company.

"China is moving quickly the launch of similar idea in the coming months".

Facebook said in June the founding partners would be expected to each inject $10m, but so far no agreement has been made, and the fee was not discussed at the Libra Association's first general assembly last week, according to several sources.

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"I get that I'm not the ideal messenger for this right now".

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