RATE Group | Zuckerberg admits Facebook in a poor position to promote Libra
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Zuckerberg admits Facebook in a poor position to promote Libra

23 Oct Zuckerberg admits Facebook in a poor position to promote Libra

Posted at 00:05h in Cryptocurrency News by

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Facebook is in a poor position to promote its plans to launch a global cryptocurrency, Mark Zuckerberg has admitted, in candid testimony released before a key congressional hearing on Wednesday.

The Facebook chief executive said in the prepared remarks that his company was keen to hand over leadership of the project to an association of its partners, given the range of political controversies that continue to dog his company.

He added: “I’m sure people wish it was anyone but Facebook putting this idea forward.”

Mr Zuckerberg will testify to Congress about Project Libra on Wednesday for the first time since it was announced. The hearing in front of the House financial services committee, the chief executive’s first time on Capitol Hill since he faced fierce questioning from politicians in April 2018 over the Cambridge Analytica scandal, is likely to prove a key test of whether the troubled project is able to win enough support in Washington to allow it to proceed.

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