The Strategist

Zuckerberg to speak on Libra at the US Congress in late October

10/10/2019 - 10:03

Facebook’s head Mark Zuckerberg will tell about Libra cryptocurrency at the U.S. House finance and housing committee on October 23, Axios reports.

Anthony Quintano
Anthony Quintano
The speech by Facebook representatives to launch the Libra cryptocurrency is not the first in the American congress. David Marcus, head of another Facebook’s project, Calibra (a special crypto-wallet for Libra), already spoke on this issue at the Senate and House of Representatives in the summer.

Also, the regulators of the European Union became interested in the project. The antitrust authorities of the European Union are currently studying Facebook's project to create its own cryptocurrency, Bloomberg reported at the end of August.

Facebook announced its participation in the project in mid-June. In addition to Facebook, dozens of companies around the world will join the Libra Association. Among them are Mastercard, Vodafone, Visa, Uber, Booking Holdings, eBay. Head of Facebook’s Calibra, David Marcus, is the former president of PayPal. Facebook positions itself as one of the equal participants in this project. However, experts say that since the social network has access to data of 2.4 billion users, it will play a key role in the project.

The creation of a cryptocurrency and a special crypto wallet will be handled by Calibra. It is expected that launch of Libra at the global level will take place in the first quarter of 2020, and testing will begin at the end of 2019. The wallet will be supported both through a separate application, and instant messengers.

Calibra wallet will be available in Messenger, WhatsApp and as a standalone application. The cryptocurrency will allow paying for goods and services and transfer funds.


< >

Wednesday, April 17th 2024 - 08:20 UBS may need to increase its capital by up to $25 bln