Lawmakers grill Zuckerberg, ask to fix Facebook before launching Libra

Facebook CEO Mark Zuckerberg h to endure hours of prickly questioning at House Financial Service Committee as he defended company's new globally ambitious project to create a digital currency Libra on Wednesday. He was questioned on Cambridge Analytica scandal and Facebook’s unwillingness to monitor political vertisements. During hearing, a bunch of lawmakers clearly told Zuckerberg to look into failures first before going ahe with digital currency Libra. session went on for six hours where both Republican and Democrat lawmakers were present to voice ir disappointment with Facebook's upcoming plan. 

RE: Facebook Says It Won't Launch Libra Digital Currency Without US d

Lawmakers doubt Libra

hearing was supposed to be about Facebook’s push to create a new digital currency Libra. lawmakers during session did t hesitate to mince or words about Facebook's data practices and uncertainty y feel about its cryptocurrency. Representative Maxine Waters, who chaired  panel, said during beginning of hearing that it would be beneficial for everybody if social networking site focuses more on problems it is facing right w inste of increasing m. Waters even tweeted saying that re is body who is above law, t even Zuckerberg. 

RE: Facebook Removed 'inauntic Behaviour' During Australian Polls

"Facebook's internal motto was for a long time 'move fast and break things.' Mr Zuckerberg, we do t want to break international monetary system," New York Democrat Nydia Velazquez was quoted as saying.

RE: Facebook To Make "big Anuncement" On Journalism: Mark Zuckerberg

Zuckerberg focused on creating a global payment system

Replying to barrel of questions, Zuckerberg said that  objective of digital currency is to build an international payment system and t just a currency. He said that he is personally much more focused on creating a global payment network even more than making a currency. He ded that his website will t launch cryptocurrency until it gets approval from US. 

RE: 'Iraq War Did t Inspire Facebook', Says CEO's Classmate From Havard

"I believe this is something that needs to get built, but I understand we're t ideal messenger right w. We've faced a lot of issues over past few years, and I'm sure people wish it was anyone but Facebook putting this idea forward," Facebook CEO said in his testimony.

 "If America doesn't le on this, ors will. Foreign companies or countries may act without same regulatory oversight or commitment to transparency that we have", he ded. 

Zuckerberg n went on to say "China is moving quickly to launch similar ideas in coming months. Libra will be backed mostly by dollars and I believe it will extend America's financial leership as well as our democratic values and oversight around world."