Voice of America
10 Oct 2019, 01:05 GMT+10
WASHINGTON - Facebook chief executive Mark Zuckerberg will testify at the US House of Representatives this month on the social network's plan for a global digital currency, officials announced Wednesday.
The House Financial Services Committee said in a statement Zuckerberg would be the sole witness at the hearing on "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors."
The move comes with Facebook's planned digital coin Libra facing heavy criticism from regulators and lawmakers in the United States and Europe.
Earlier this year, David Marcus, Facebook's executive heading the digital coin effort, defended the plan during more than two hours at a Senate Banking Committee and said the cryptocurrency would not be launched without regulatory approval.
Marcus and other Facebook executives have claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system.
French economy and finance minister Bruno Le Maire has warned that under current circumstances Libra posed a threat to the "monetary sovereignty" of governments and could not be authorized in Europe.
Last week, digital payments firm PayPal said it was quitting the alliance of companies and organizations promoting Libra, raising questions over Facebook's ability to launch the coin early next year as planned.
Get a daily dose of International Technology news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Technology.
More InformationBASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
By Saurabh Joshi Gadchiroli (Maharashtra) [India], July 12 (ANI): The Gadchiroli Police have set up 71 libraries across the district...
Superball Keno is a fun and exciting game that many players enjoy. You can play it for real money at Red Dog Casino. This review explains...
Bhopal (Madhya Pradesh) [India], July 11 (ANI): Madhya Pradesh Chief Minister Mohan Yadav distributed free bicycles to class 6th and...
BEIRUT, July 10 (Xinhua) -- China's continued development has not only brought profound benefits to its own people but also offered...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
U.S. President Donald Trump's recent remarks about Liberian President Joseph Boakai's good English has drawn widespread criticism across...
Varanasi (Uttar Pradesh) [India], July 12 (ANI): Ahead of the first Monday of the holy month of Sawan, security arrangements have been...
New Delhi [India], July 12 (ANI): Prime Minister Narendra Modi on Saturday distributed over 51,000 appointment letters to newly appointed...
Ramban(Jammu and Kashmir) [India], July 12 (ANI): Four people lost their lives and two others sustained injuries in a road accident...