Facebook defends Libra cryptocurrency plans

Libra

Mark Zuckerberg, CEO of Facebook defended the social network’s plans for a cryptocurrency, named Libra, at a US Congress hearing yesterday. 

The hearing held by the House Financial Services Committee focused on Facebook’s plans for Libra, questioning the company’s track record on privacy and diversity as well as the problems Facebook has had in preventing the spread of misinformation.

Other concerns raised around Libra included the fact that cryptocurrencies were notoriously used by criminals and terrorists for money laundering. 

The criticisms saw Zuckerberg admit that he was not the  “ideal messenger” to discuss Libra, but assured committee members that the cryptocurrency would not be launched without government approval.

He told the hearing: “We’ve faced a lot of issues over the past few years and I’m sure there are a lot of people who wish it were anyone but Facebook that was helping to propose this. But there is a reason we care about this and that’s because Facebook is about putting power into people’s hands.”