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Facebook’s Zuckerberg sets to appear before congress to defend Libra

Facebook Chief Executive Officer, Mark Zuckerberg is expected to appear before the United States Congress today to defend “Facebook’s Impact on the Financial Services and Housing Sectors,” but there are reports the interview will be more focused on Facebook’s “Project Libra”.

Facebook's Zuckerberg sets to appear before congress to defend Libra
Mark Zuckerberg testifies before on Capitol Hill in 2018 following the privacy scandal. PHOTO: Xinhua / Barcroft Images

Project Libra was introduced by Facebook earlier in June. It was proposed as a global payment gateway for Facebook users across all of its platforms including ― Instagram, WhatsApp and Snapchat.

Libra is a cryptocurrency analogous to Bitcoin, a popular digital currency which some experts suggest might replace fiat currency in the future.

Although Facebook did not provide specifics on how users will get the currency, its executive suggests Messenger and Whatsapp will be the first platform it will be introduced.

Ever since its announcement, Libra has faced numerous criticisms from regulators, politicians, competitors and activists forcing important lined-up partners like PayPal, Visa, Stripe, and Mastercard to withdraw.

According to Forbes report, the outcome of today’s quizzing of Zuckerberg on Facebook’s activities by the U.S. Congress will determine the fate of Libra.

United States authorities are concerned by the non-regulation of the cryptocurrency platform. There are concerns it encourages money laundering and thus promotes corruption.

Also, there are significant numbers of fraudulent Initial Coin Offerings (a digital version of Initial Public Offerings) reported ever since the invention of the blockchain technology.

Vanguard News Nigeria.

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