Facebook says Libra won’t launch without US approval
5 years, 2 months ago

Facebook says Libra won’t launch without US approval

Associated Press  

SAN FRANCISCO — Facebook CEO Mark Zuckerberg aims to reassure Congress on Wednesday that his company won’t try to evade financial regulators as it prepares its planned digital currency Libra. In prepared remarks released Tuesday ahead of a hearing before the House Financial Services Committee, Zuckerberg says that Facebook “will not be a part of launching the Libra payments system anywhere in the world unless all U.S. regulators approve it.” That’s a stronger statement than Facebook official David Marcus made in July, when he said the company will not offer Libra until it has “fully addressed regulatory concerns and received appropriate approvals.” Marcus leads the Libra project at Facebook. Analysts say Libra could avoid regulation and launch in countries where it’s not receiving pushback, but this does not appear to be Facebook’s intention. While some critics see those departures as evidence of Libra’s likely failure, U.S. regulators appear to view it as enough of threat that they are considering the possibility of the Federal Reserve launching its own competitor currency.

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