Mark Zuckerberg will testify in the US Congress about Libra

by in Cryptocurrency News

Zuckerberg Libra Congress

The head of the largest social network Facebook Mark Zuckerberg will testify before the Committee on financial services of the US House of Representatives. This was reported on the website of the department.

Related: Facebook presents a new payment system on its social media

Hearings on “studying the impact of Facebook on financial services and housing” will be held on October 23. Zuckerberg will be the only witness to them.

In July, the head of the financial services committee, Maxim Waters, demanded to suspend work on the digital currency Libra. Soon, more members of Congress joined her demand, worried that the new payment system would become a serious rival for the dollar and reduce the effectiveness of the US monetary policy.

In response, Zuckerberg said his company would spend “as much time as needed” to win over regulators and other interested parties.

However, Facebook is still not very successful in getting regulators and lawmakers in place. Earlier today it became known that the US Senate called on Visa and Mastercard to refuse to participate in the Libra project.