Zuckerberg Quizzed on Libra

CBJ — Facebook founder and CEO Mark Zuckerberg was quizzed by skeptical lawmakers in Washington about his company’s planned digital cryptocurrency called Libra.

It would be a direct competitor to other major cryptocurrencies such as Bitcoin.

Zuckerberg spent much of his time trying to assure the government representatives that Libra will be able to reduce costs for electronic payments and help more people participate in the global financial system.That assertion was accepted by some, and met with furrowed brows by others.

Speaking before the U.S. House of Representatives Financial Services Committee, Zuckerberg said Facebook would not back any move by Libra until all U.S. regulatory concerns have been satisfied.

As of now there are more than 20 other companies that have decided to partner with Facebook on this endeavor, but some have exited the consortium, mostly due to concerns about the amount of time and effort that will be required to get it successfully off the ground. Mastercard, Visa, PayPal and eBay are among the more well-known companies that have opted to leave the project.