Lawmakers grill Zuckerberg, ask to fix Facebook before launching Libra

Facebook CEO Mark Zuckerberg had to endure hours of prickly questioning at House Financial Service Committee as he defended the company's new globally ambitious project to create a digital currency Libra on Wednesday. He was questioned on the Cambridge Analytica scandal and Facebook’s unwillingness to monitor political advertisements. During the hearing, a bunch of lawmakers clearly told Zuckerberg to look into the failures first before going ahead with the digital currency Libra. The session went on for six hours where both Republican and Democrat lawmakers were present to voice their disappointment with Facebook's upcoming plan. READ: Facebook Says It Won't Launch Libra Digital Currency Without US Nod Lawmakers doubt Libra The hearing was supposed to be about Facebook’s push to create a new digital currency Libra. The lawmakers during the session did not hesitate to mince theor words about Facebook's data practices and the uncertainty they feel about its cryptocurrency. Representative Maxine Waters, who chaired the panel, said during the beginning of the hearing that it would be beneficial for everybody if the social networking site focuses more on the problems it is facing right now instead of increasing them. Waters even tweeted saying that there is nobody who is above the law, not even Zuckerberg. READ: Facebook Removed 'inauthentic Behaviour' During Australian Polls No one is above the law including Mark Zuckerberg. Facebook has allowed election interference, released private data, violated civil rights laws, among other offenses & now they’re trying to launch a #BigTechTakover by creating this mysterious #ZuckBuck? Not on my watch! @FSCDems — Maxine Waters (@RepMaxineWaters) October 23, 2019 "Facebook's internal motto was for a long time 'move fast and break things.' Mr Zuckerberg, we do not want to break the international monetary system," New York Democrat Nydia Velazquez was quoted as saying. READ: Facebook To Make "big Announcement" On Journalism: Mark Zuckerberg Zuckerberg focused on creating a global payment system Replying to the barrel of questions, Zuckerberg said that the objective of the digital currency is to build an international payment system and not 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 added that his website will not launch the cryptocurrency until it gets the approval from the US. READ: 'Iraq War Did Not Inspire Facebook', Says CEO's Classmate From Havard "I believe this is something that needs to get built, but I understand we're not the ideal messenger right now. We've faced a lot of issues over the past few years, and I'm sure people wish it was anyone but Facebook putting this idea forward," the Facebook CEO said in his testimony. "If America doesn't lead on this, others will. Foreign companies or countries may act without the same regulatory oversight or commitment to transparency that we have", he added. Zuckerberg then went on to say "China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America's financial leadership as well as our democratic values and oversight around the world."

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Lawmakers grill Zuckerberg, ask to fix Facebook before launching Libra

In a hearing, US lawmakers asked Facebook CEO Mark Zuckerberg to deal with his existing failures first before launching the digital currency Libra.

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