Facebook supports delay of embattled Libra project, Zuckerberg to tell Congress | Techno…

Mark Zuckerberg will tell Congress on Wednesday he is willing to delay the launch of Facebook’s cryptocurrency venture Libra amid growing pushback from legislators and waning support from companies that initially backed the project.

“I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now,” the Facebook CEO wrote in his prepared statement, released ahead of Wednesday’s hearing in Congress over the launch of the digital coin.

In the statement, Zuckerberg also argued that Libra would improve millions of people’s access to the banking system and that its development would extend America’s financial leadership.

But he said Facebook would not be a part of launching the payments system unless all US regulators approve it, and that the company supports delaying Libra’s launch until US regulatory concerns are addressed.

Facebook announced the launch of the payments system in June 2019 and initially set to roll it out…