Facebook CEO to testify before United States house panel on October 23

Senators Caution Mastercard Visa Stripe on Libra Membership

Facebook CEO Mark Zuckerberg to testify before US House panel on Oct 23

Facebook confirmed Zuckerberg will testify. Waters, the California Democrat who chairs the committee, said that Zuckerberg will testify as the sole witness at a hearing entitled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

The project also faces significant skepticism from global regulators wary of what a digital currency with a potentially massive scale could mean for the financial system.

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.

French and German finance ministers have pledged to block Libra.

The current head of Libra, David Marcus, is a Facebook employee and has been at the center of the ongoing drama surrounding the cryptocurrency since it was announced in June.

The move comes in the wake of worldwide distress and outcries over Facebook Libra, and Zuckerberg has been called forward to testify on the Facebook Libra cryptocurrency project and its implications.

The chief executive officer Nick Read said his company would continue as a member of the Libra Association but called for the appointment of an independent leader to separate it from Facebook and thereby increase the chances of the project's success. He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged.

Facebook Chief Executive Mark Zuckerberg walks past members of the news media as he enters the office of US Senator Josh Hawley (R-MO) while meeting with lawmakers to discuss future internet regulation on Capitol Hill in Washington, US, September 19, 2019.

Facebook, a social media giant based in Menlo Park, California, with almost 2.5 billion users around the globe, is under heavy scrutiny from lawmakers and regulators following a series of data privacy scandals, including lapses in opening the personal data of millions of users to President Donald Trump's 2016 campaign.

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