Zuckerberg Confirms There Won’t be a Libra Launch Without US Approval

The founder and mogul of the social network, otherwise known as Facebook, has got plans to tell the United States Congress that the upcoming stablecoin, Libra won’t be launching anywhere until regulators give it the green light.

According to the remarks that Mark Zuckerberg has prepared, which were released earlier this week in advance for the hearings before the U.S. House Financial Services Committee, the CEO aims to clear the air in regards to the regulatory worries over the launch of the coming stablecoin. 

“Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.”

Nevertheless, the phrasing is not the same as an assurance that Libra will not launch at all, according to CT.

The prepared speech from Zuckerberg is no longer available but before being taken down, they allegedly said that the US dollar is going to be the main fiat currency behind Libra. The CEO further went onto note China’s plans to release a project similar to Libra in the coming months, stressing that it could have a big impact on America’s financial and technological industries. 

In regards to the Calibra wallet and financial data, Zuckerberg said that Calibra is a regulated subsidiary of Facebook, meaning that there is a clear difference between the two firms.

Zuckerberg stated:

“Calibra will not share customers’ account information or financial data with Facebook, except to prevent fraud or criminal activity, when people affirmatively choose to share their data, or when we are legally obligated to do so.” 

Zuckerberg added: 

“Payments processed through Facebook’s licensed payments subsidiaries are subject to comprehensive anti-money laundering, counterterrorist financing, and sanctions monitoring that leverage both our automated systems and human review, and we report suspicious payments activity to applicable authorities consistent with our regulatory obligations. We also have policies in place to prevent fraud.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!