Zuckerberg: Facebook Won’t Be Launching Libra Without Regulatory Approval

  • Mark Zuckerberg submitted written testimony to the House Financial Services Committee ahead of his hearing, which includes delaying libra until regulatory approval can be acquired. 
  • Facebook's CEO warns lawmakers that America is in danger of losing its "financial leadership" to China if it fails to innovate with digital currencies. 

Facebook’s CEO says the social media platform will not be launching its digital currency libra anywhere in the world without the approval of regulators. 

Mark Zuckerberg, who will testify before Congress, has told US lawmakers that libra will not launch without the support of regulatory bodies. According to written testimony submitted  to the House Financial Service Committee on Oct. 22, Zuckerberg says that the Libra Association will delay its launch in order to secure compliance. 

The testimony reads, 

We want to be clear: Facebook will not be a part of launching the Libra payments system anywhere in the world unless all regulators approve it.

He continued, 

And we support [the Libra Association] delaying its launch until it has fully-addressed US regulatory concerns.

Despite conceding to regulatory pressure, Zuckerberg warned US lawmakers against falling behind China in the race for financial innovation. 

According to the testimony, 

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.

Facebook’s CEO wrote that if America fails to innovate, our financial leadership is “not guaranteed.”

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