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. 

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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. 

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"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.

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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. 

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"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."