Zuckerberg Is Confident: We Won’t Launch Libra Without US Approval

The founder and CEO of the popular social media giant Facebook is in the Libra latest news again. As of recently, Zuckerberg is confident about telling the Congress that Libra will not launch anywhere without the US regulators approving it.

All of this came as part of Zuckerberg’s papered remarks which were released on October 22 in advance of the planned hearings before the US House Financial Services Committee. As it stands, the Facebook CEO Mark Zuckerberg is confident about his stablecoin and wants to assuage all of the regulatory concerns over its launch.

“Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve,” he said.

However, we can definitely see that this phrasing is not the same as an assurance that Libra will not launch at all. As his remarks in the crypto news show, Zuckerberg is confident about Libra and plans the coin to be pegged mostly to US dollars.

He went on to further leverage China’s plans to release a project similar to Libra in the coming months and stressed that this could interfere with America’s financial and technological leadership in the world.

Zuckerberg is confident about Libra and the Calibra wallet. When speaking about Facebook’s access to Calibra wallet and the users’ financial data, he said that Calibra is a regulated subsidiary of Facebook.
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This means that there is clear separation between Facebook’s social data and Calibra’s financial data.

“Calibra will not share customers’ account information or financial data with Facebook, except to prevent fraud or criminal activity, when people affirmatively choose to share their data, or when we are legally obligated to do so,” Zuckerberg said.

What’s interesting is his stance on payments processed through Facebook’s subsidiaries. Zuckerberg is confident that Libra is not created to replace sovereign currency but serve as an online payment system only. The CEO of Facebook stressed:

“Payments processed through Facebook’s licensed payments subsidiaries are subject to comprehensive anti-money laundering, counterterrorist financing, and sanctions monitoring that leverage both our automated systems and human review, and we report suspicious payments activity to applicable authorities consistent with our regulatory obligations. We also have policies in place to prevent fraud.”

What’s also worth noting is the fact that Zuckerberg said that Facebook does not sell people’s personal information and does not use and share it with third parties for lending or credit decisions.

“We use information about transactions that happen on our products to improve our services, including advertising. However, we do not use people’s payment account information itself for advertising purposes,” Zuckerberg concluded.