By Hassan Mehmood (Saudi Arabia)
The chief executive of Facebook Mark Zuckerberg appeared before the US House Committee on Financial Services yesterday. During the inquiry, the US lawmakers have raised many questions about the policies of Facebook and especially focused on the cryptocurrency Libra.
Zuckerberg has faced the six hours trial in which lawmakers put the questions to probe about its policies and regulations. Since, the social platform is the world preferable platform, so its problems are also worldwide and not restricted to one particular geographical area or region.
Zuckerberg himself Defend Libra in Hearing
It was reported earlier to Tokenhell that Zuckerberg will defend the Libra by himself. Before yesterday’s presence in the committee, David Marcus had given the response to the questions raised about the crypto project. And this time, the CEO himself appeared before regulators to clarify the company motives. The world’s largest social platform’ cryptocurrency is announced to launch in the first half of 2020.
The chairman of the committee Rep. Maxine Waters has probed the case to a deep level and started the process of hearing by adding,
As I have examined Facebook’s various problems. I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project.
Suspicious Attitudes of US Regulators
Waters then put the allegation about its investigation against the misguiders about the Libra project and promoting the discrimination against the lawmakers. The congressmen were sitting beside the lawmakers to have insight into the project activities. Congressmen have criticized him to promote the Russian interference in the presidential election campaign and allowing child exploitation activities on the platform.
Also read:The perception is created that the cryptocurrency by such a giant company could stimulate illegal activities across the world. Already, there has been an uplift in the dark activities due to decentralized digital currency. Another allegation put on the Libra is that it will threaten the existence of US dollar-an unbearable thing for financial regulators of the US.
The US officials don’t want to unveil Facebook’s crypto over the screen. It has been cleared from the withdrawal of top investors of the project which have been enforced by senators to leave the Libra.
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