On October 23, Mark Zuckerberg, CEO of Facebook will testify before the US House of Representatives to discuss the concerns over his ambitious digital currency ‘Libra’ that has run into rough weather.
Zuckerberg will be grilled by lawmakers and regulators during the Q&A session at the US House Financial Services Committee. The Facebook CEO will be the sole witness at the hearing, which is entitled, ‘An Examination of Facebook and its impact on the Financial Services and Housing Sectors‘.
In July month Maxine Water (D-CA), Congresswoman and Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of facebook’s proposed cryptocurrency, Libra and digital wallet, Calibra. US lawmakers have attacked Facebook on its Libra project, calling it ‘delusional’ and ‘dangerous’.
Last week, PayPal has announced to withdraw from the Libra Association, the 28 members non-profit organization formed by social networking giant for the global rollout of its digital cryptocurrency in next year.