Fix Facebook before launching Libra: Lawmakers to Mark Zuckerberg

Washington: A battery of US lawmakers bluntly told Facebook CEO Mark Zuckerberg in a hearing here to address his existing failures first before launching the digital currency Libra.

In a six-hour grilling at a House Financial Services Committee hearing on Wednesday, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans.

“As I have examined Facebook’s various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” said California Representative Maxine Waters.

The hearing was focused on Libra, a cryptocurrency Facebook plans to launch in the first half of next year, reports CNET.

“Facebook’s internal motto was for a long time ‘move fast and break things.’ Mr. Zuckerberg, we do not want to break the international monetary system,” said New York Democrat Nydia VelAizquez.

Despite some…