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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsZuckerberg Confronts the Reality of Libra's Demise
Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee today about the proposed Libra digital currency, which has taken a beating lately. Payment processing firms Visa, MasterCard, and Stripe have backed out of the project, along with Booking Holdings, the parent company of Priceline, Kayak, and dozens of other travel sites. The last one is important, because the whole point of Libra is to allow users to buy tangible items online, and travel is one of the biggest such purchases.
In his opening statement, Zuckerberg preempted the questioning by distancing his company from Libra. I dont know if Libra is going to work, Zuckerberg said, adding that he was aware of not being the best messenger for the product. He made it sound like Facebook was a passive, no-show board member, rather than the driving force behind Libra. Asked by Representative Blaine Luetkemeyer (R-MO) if he would be willing to stop the project if it couldnt get regulatory approval, Zuckerberg said, I will certainly stop Facebooks part of it.
The hearing exhibited a reversal of the usual media snickering that an out-of-touch Congress knows nothing about tech. Zuckerberg looked clearly out of his depth, parroting doublespeak about regulatory compliance. Financial Services Committee members know plenty about bank regulations, and they gave Zuckerberg an earful about them. How can you know your customer with an anonymous account? shouted Representative Brad Sherman (D-CA), who talked for five nonstop minutes about the absurdity of the concept without asking Zuckerberg a question. Representative Greg Meeks (D-NY) wondered if Facebook ever donated to initiatives to bank the unbanked before launching Libra, allegedly a tool for financial inclusion. (They hadnt.)
Zuckerberg said he considered Libra to be a payment system, which would require none of the obvious coinage machinations Libra is attempting. He added that Calibra could be thought of as a banka holder of currencybut said theyre not applying for a bank charter. Thats the problem! exclaimed Ed Perlmutter (D-CO).
Read more: https://prospect.org/blogs/tap/zuckerberg-confronts-the-reality-of-libras-demise/
(American Prospect)
abqtommy
(14,118 posts)* rube noun
ˈrüb
Definition of rube
1 : an awkward unsophisticated person : rustic
2 : a naive or inexperienced person
https://www.merriam-webster.com/dictionary/rube
Claritie Pixie
(2,199 posts)In reality he wants to take over the world.
abqtommy
(14,118 posts)or the doubt for now. He just might be funnin' with us.
eleny
(46,166 posts)..... .....
Wounded Bear
(58,670 posts)I imagine it's great for illegal transactions and such. But is it really any good for general commerce?