libra united states congress
Zuckerberg: Facebook Will Not Launch Libra Without US Approval
October 23, 2019
libra united states congress
Zuckerberg: Facebook Will Not Launch Libra Without US Approval
October 23, 2019

Mark Zuckerberg, founder of social media giant Facebook, plans to tell the United States Congress that Libra will not be launched until the US regulator approves it.

Approval From Congress

According to prepared remarks on Oct. 22 released before the US House Financial Services Committee, Zuckerberg wants to alleviate regulatory concerns over the upcoming stablecoin.

He said:

“Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.”

According to the remarks, Libra will be pegged mostly to US dollars. He further leverages on China’s plans to release project similar to Libra in the upcoming months while stating that it could interfere with US leadership in the domain of finance and technology in the world.

Demarcating Facebook’s Social Data And Financial Data

He further stressed on the clear demarcation between Facebook’s Social data and Calibra’s financial data while stressing that Calibra is a regulated subsidiary of Facebook.

ALSO READ :  Digital Asset’s DAML To Connect Diverse Blockchains On A National DLT Project In China

Calibra will not share customers’ account information or financial data with Facebook, except to prevent fraud or criminal activity, when people affirmatively choose to share their data, or when we are legally obligated to do so,” Zuckerberg ensured, adding:

“Payments processed through Facebook’s licensed payments subsidiaries are subject to comprehensive anti-money laundering, counterterrorist financing, and sanctions monitoring that leverage both our automated systems and human review, and we report suspicious payments activity to applicable authorities consistent with our regulatory obligations. We also have policies in place to prevent fraud.”

Mark added that Libra was not created to replace sovereign currency but to serve as an online payment system only.

Private Data protection of Users

Mark Zuckerberg added that Facebook does not sell people’s personal information while it doesn’t intend to share it with third parties for lending or credit decisions.

“We use information about transactions that happen on our products to improve our services, including advertising. However, we do not use people’s payment account information itself for advertising purposes,” Zuckerberg said.

ALSO READ :  Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam


Source: cointelegraph.com | Image: Shutterstock


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!