Facebook founder and CEO Mark Zuckerberg is scheduled to appear before Congress this week, where he will be grilled on a host of privacy and data issues — including Facebook’s cryptocurrency project Libra. In his prepared remarks, Zuckerberg admits that his company has a long way to go before it regains its users’ trust enough to launch the project.
“I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now,” Zuckerberg wrote in his testimony before the hearing. “I know some people wonder whether we can be trusted to build payment services that protect consumers.”
Zuckerberg also carefully stated that Facebook will not proceed with its Libra project without first obtaining sign-off from lawmakers.
“I want to be clear: Facebook will not be part of launching the Libra payments system anywhere in the world until U.S. regulators approve,” he continued.
In his remarks, Zuckerberg also admitted that it isn’t a guarantee Libra actually becomes a reality. With ever-increasing scrutiny that the company is facing, that’s probably a safe bet at this point. After all, why would users be willing to hand over their hard-earned money to a company already plagued by privacy problems?
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