Zuckerberg has just released his official testimony for October 23rd (tomorrow), where he highlighted the need for a global financial system that can provide banking access to more than a billion unbanked population through mobile devices.
“The current system is failing them. The financial industry is stagnant and there is no digital financial architecture to support the innovation we need. I believe this problem can be solved, and Libra can help.” said the Libra co-founder. He 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.” said Mr Zuckerberg.
This upcoming meeting is a massive deal for Libra. They have lost some influential members (eBay, MasterCard, Visa) and are struggling due to pressure from governments and regulators. This is now a chance for the man himself (Mark Zuckerberg) to address some of those concerns but he seems to be distancing himself from the project slightly.
The good news for the regulators is that he says he will not launch the stablecoin until the US approves. This could be problematic as they all seem to be worried about how Facebook will use the data. In regards to recent criticism over data leaks he said:
“This is something that needs to get built, but I understand we’re not the ideal messenger right now,” he wrote in his testimony. “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.”
Lastly, he also uses some scare tactics and commented:
“If America doesn’t innovate, our financial leadership is not guaranteed.”
It all boils down to tomorrow now and journalists and crypto enthusiasts can’t wait to watch the outcome. FXStreet will cover the event so keep an eye on our crypto news section for updates as there is sure to be some fireworks.
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