Politicians Argue Facebook’s Cryptocurrency Libra is a Threat to American Hegemony. Zuck…

In his testimony, Facebook’s Zuckerberg tried to deflect the heavy criticism of their planned cryptocurrency Libra by playing the patriotism card over and over during a six-hour hearing of the House Financial Services Committee on Wednesday.

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Zuckerberg warned the committee that China is moving quickly to launch a digital version of its currency in the coming months and it is intent on “exporting” its currency around the world. 

“But I also hope we can talk about the risks of not innovating. While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.”

However, almost every member of the committee was not buying it and ripped Zuckerberg apart…