DoorStep Tribulation ,What Mark Zuckerberg’s Cryptocurrency Testimony Shows About Facebook’s Libra Strategy….
Facebook CEO Mark Zuckerberg makes rounds of meeting with senators in ..CQ-ROLL CALL, INC VIA GETTY IMAGES
At 10 a.m. ET this morning, Facebook CEO Mark Zuckerberg was the sole witness to testify in front of the United States House of Representatives Committee on Financial Services about his role in developing libra, a cryptocurrency backed by a basket of stable international assets and designed to be spendable anywhere in the world. But as is typical of such hearings, an unabridged written testimony was submitted in advance so members of Congress and others could prepare their lines of questioning.
As governments and central banks grapple with what it would mean to have a global currency backed by their own assets, in some ways Zuckerberg’s comments were disappointingly predictable. But as three new bills introduced to Congress in the days leading up to the testimony could spell doom for Facebook’s plans, a closer analysis of Zuckerberg’s comments shines a light on the social media giant’s bigger strategy.
The submitted written testimony is broken down into five sections: introduction, a summary of the Libra Project, combating discrimination, a commitment to diversity, and a conclusion.
The introduction is interesting for three reasons. First, Zuckerberg plans to position Libra in the global context as a reaction to China’s plans to release a similar cryptocurrency that will be spendable anywhere in the world and will be distributed via a consortium of state-owned companies. While Facebook
The remainder of this article is available in its entirety at HNewsWire