Zuckerberg defends Facebook’s currency plans before Congress

Facebook CEO of Mark Zuckerberg questioned for hours on Wednesday dealing with an extensive investigation by US regulators, defending the company's new ambitious project to make digital currencies from lawmakers.

Representatives also burned to see Facebook's track record on citizens' rights, hate speech, privacy and misinformation given Zuckerberg's numerous scandals that Facebook is dealing with over the past two years.

The immediate focus of the House Financial Services Commission was called Libra as Facebook's plan for money. State Cover He instilled confidence that his company would not go with Libra without the explicit approval of all financial regulators in the United States.

Nevertheless, many members of the panel did not seem convinced.

California Democrat Chairman Maxine Waters said the Libra project and digital wallet, which will be used in conjunction with the Libra project, "raise many concerns regarding privacy, transaction risk, discrimination, national security and monetary policy." "The stability of the global financial system."

Waters also told Zuckerberg, "We started a discussion about whether we should dismantle our Facebook."

Social media giants have sparked public and official anger every time, from the anti-competitive acts to the transition to messaging services that allow encrypted conversations, denial of fake political advertising, or rejection of denial video.

Leading politicians, especially Senator Elizabeth Warren, of the main Democratic presidential candidate, raised a farewell specter (worst case scenario for Facebook and other technologies).

In some states, the Justice Department, the Federal Trade Commission, the House Judiciary Antitrust Subcommittee, and lawyers are all working on Facebook and other technology conglomerates, accused of abusing market power to disrupt competition.

State cover He defended at the hearing, making his first testimony to Congress since April 2018, while preventing criticism and acknowledging the resolution. He admitted that the Libra project was "dangerous" at one point. Famous companies such as Visa, MasterCard and PayPal have signed up as partners of the Call Management Association, but have recently been kicked out.

"We are not perfect. We make a lot of mistakes," he said in criticizing Facebook's hate speech and criticizing the site's potential motivation for violence.

The central theme of the hearing was trust. Given Facebook's history, why should Congress and the public trust that the world's largest banks should create a significant amount, an amount that affects sovereign governments? Asked Madeleine Dean, a Pennsylvania Democrat.

Zuckerberg Response: "Well congressman, we don't build a bank. We're helping the organization create a payment system."

State Cover He backed China for a strong reason to encourage innovation embodied in the Libra project.

"Other countries don't wait while we discuss these issues," he said. "China is moving fast to come up with similar ideas in the coming months."

Chinese competition

Facebook also mentioned competition with China for a strong reason for the dissolution of the company.

Zuckerberg's Chinese captain defended the Libra project from some Republicans like North Carolina's Patrick McHenry and urged lawmakers not to "innovate".

However, Democrats rarely publicly condemned the Libra plan with President Donald Trump and Treasury Secretary Steven M Nuchin.

Other regulators, including Mnuchin and Jerome Powell Federal Reserve Chairman, have warned that digital currencies can be used for illegal activities such as money laundering or drug trafficking.

Lord Cover he refuted an optimistic vision of Libra and what it would mean for people around the world who do not have access to bank accounts.

Most of the hearings focused on Facebook's record of diversity and civil rights. Joyce Beatty, a Democrat in Ohio and vice-chairman of the Black Cockers of Congress, accused Zuckerberg of the company's performance.

Yes, Beatty, who doesn't need an answer at all, asked Zuckerberg, for example, a few female lawyers or a few women or a few women or a few partners in Zuckerberg's lawsuits.

She said Zuckerberg Facebook works with civil rights groups because of "your litigation count."

The calm cover of the week he didn't get much answers, Beatty said, "This is terrible and disgusting." After ending her question, he told Zuckerberg: "You ruined and discriminated many people's lives."

Source: AP