Facebook CEO Mark Zuckerberg has said in a testimony submitted to the House Financial Service Committee yesterday, that the social network will not release its stablecoin Libra in any country until it is approved by the US regulators.
He has literally said that "Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve."
He has added that Libra does not want to compete with sovereign currencies and that the Libra Association will cooperate with the Fed and central banks from all over the world to make sure it fully complies with monetary policies.
Zuckerberg has also talked about China's intention to launch its own digital currency, stressing that it could negatively affect America's financial and tech leadership in the world.
Facebook CEO will have today a public hearing before the House Financial Service Committee during which it will ask Zuckerberg about the impact of Libra on US financial services and housing sectors.
Visa, MasterCard, Stripe and eBay have officially announced their withdrawal from the Libra Association. Mercado Pago, PayPal and Booking Holdings have also dropped their support.
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