Mark Zuckerberg lowers Libra’s profile in face of strong opposition

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  • Facebook’s founder makes an exercise of transparency in search of the complicity of America’s legislative power.
  • In his statements, Zuckerberg expressed concern that they would lag behind the Chinese initiative.
  • The social media giant said it will not use any information about Libra users for its own benefit or that of third parties.

Here is a summary of the testimony of Mark Zuckerberg, Founder, Chairman and Chief Executive Officer, Facebook

 

“There are more than a billion people around the world who don’t have access to a bank account, but could through mobile phones if the right system existed. This includes 14 million people here in the US. Being shut out of the financial system has real consequences for people’s lives—and it’s often the most disadvantaged people who pay the highest price. “

There is no digital financial architecture to support the innovation we need. I believe this problem can be solved, and Libra can help.”

“I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now. 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.”

“Before we move forward, there are important risks that need to be addressed.”

“But I also hope we can talk about the risks of not innovating. While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months.”

“I want to be clear: Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve. “

“People shouldn’t be discriminated against on any of our services. We have policies in place to prevent hate speech and remove harmful content.”

“We’ve made diversity a priority in hiring, and we’ve made a commitment: within five years, we want at least 50% of our workforce to be women, people of color, and other underrepresented groups.”

Research shows that access to financial services can help people lift themselves out of poverty, and it is especially important for women in developing economies.”

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