Facebook will not be a part of launching a Libra payment system until regulators approve – Comments from the Libra testimony

Zuckerberg comments:

There are more than one billion people who do not have bank accounts and are without a bank account.

People have to pay a high cost to send money abroad – the system is failing.

This problem can be solved and Libra could be the answer.

I get that  I am not the ideal messenger. Facebook is about putting ideas in peoples hands.  

I think this could help people everywhere but there are still risks.

China is moving quickly to launch in the coming months. If America doesnt innovate we could lose our place as a financial leader.

Facebook will not be a part of launching a Libra payment system until regulators approve.

Comments directed at the Libra co-founder Mark Zuckerberg:

Believes he is above the law – Allows people to transcend the boundaries of space and time -Is “one of the titans of what we call the Digital Age” (Maxine Waters – Chair)

You are one of the titans of the digial age – maybe its not about Libra, maybe its about fear and a lack of understanding about this new technology. (Mr McHenry – Carolina)