The founder and CEO of Facebook, Mark Zuckerberg, appeared with statements before a hearing from the House Financial Services Committee that the “Libra” currency will not be launched without approval from the US government.

and what written by “Mark” in a post defending the currency “Libra” stated the following:

People pay very high costs and have to wait a long time to send money to their families.

The current system is failing them.

NEW: Here’s Mark Zuckerberg’s planned testimony as he prepares to speak on Facebook Libra on the Hill tomorrow

Read it in full:

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Plus more background information here: pic.twitter.com/QizHr0og9F

– Bloomberg Crypto (@crypto) October 22, 2019

The session will focus on Facebook’s impact on the financial services sector, so Libra will be a major focus of the session.

But questions are likely to arise on other topics that have recently sparked controversy for the company, including user privacy, election advertising and targeted advertising.

It should be noted that Libra has faced severe criticism from politicians and lawmakers.

When David Marcus, the project’s executive officer, testified before the same committee in July,

One of the main concerns was Facebook’s involvement in the new currency.

Other questions raised by regulators included the potential of Libra to become a government-sanctioned currency

and whether Facebook and the data generated by transactions on the platform should be trusted.

The matter that Mark Zuckerberg tried to respond to this very point, by saying:

This is something that needs building, but I realize we’re not the perfect actor at the moment.

We’ve had a lot of problems over the past few years, and I’m sure people wish someone other than Facebook had come up with this idea.

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The CEO warned that if Facebook is banned from creating a new global cryptocurrency.

Technology companies in other countries such as China may step in to take advantage of this opportunity.

He wrote that:

While we discuss these issues, the rest of the world is not waiting

If America does not innovate, our financial leadership is not guaranteed.

For the record, the “Libra” coin association was established earlier, which is the governing body for the new currency, and Facebook has only one seat out of 21 members.

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They each have the same control over important decisions.

This means that Mark will technically not be able to make or offer commitments on the currency.

Zuckerberg said in his affidavit issued on Tuesday:

We do not expect to lead these efforts forward.

The Libra Association has been established which has a governance structure in place and will lead the project from now on.

However, the confirmation came from the director of Facebook that there will be no launch of the “Libra” currency anywhere in the world until the approval of US regulators.

Read also:

New challenges facing the launch of Facebook’s digital currency “Libra”

Facebook spokesperson: Libra is not a threat to traditional currencies