FILE PHOTO: A small piece of a toy figure, it is to be seen on the representations of the virtual currency to a European flag and on the Facebook Scale the logo in this illustration picture, the 20th October 2019 at the latest. REUTERS/dado Ruvic/Illustration
WASHINGTON (Reuters) – Facebook Chief Executive Mark Zuckerberg plans to acknowledge to Congress that Facebook is not the ideal messenger for the Scale cryptocurrency project, given the ongoing criticism of the company.
In prepared testimony made available on Tuesday, Zuckerberg plans to tell lawmakers that he supports the establishment of a Balance’s launch, currently scheduled for mid-2020s, to regulatory concerns are fully addressed. He will tell you that the Scale is a digital currency to facilitate money transfers in order to not have to compete with a sovereign currency, and its impact on the conduct of monetary policy.
Zuckerberg is set to testify Wednesday before the House Financial Services Committee, where he is expected to face questions from mps on the look-out of Facebook’s efforts to build a global digital currency, and can be made in the provision of financial services.
In his prepared testimony, Zuckerberg acknowledges this criticism, but insists, on balance, the project has merit, and might be able to help millions of people by making it easy to come up with the money. He will also have noted that other countries, such as China, are already investing in projects such as these.
“I don’t think it’s something that needs to be built, but I do understand that we may not be the perfect messenger,” his testimony states. “I’m sure people would like to think it was only Facebook for this idea.”
Zuckerberg emphasized in his testimony that Facebook does not want to skirt the regulators, the determination of the Scale and it says that the product wouldn’t be launching from anywhere in the world, until the US regulators are happy.
While the recognition of errors, it can be Done, emphasizes the technology, and Facebook in particular, has a lot to offer, and he pushes back against the strong criticism of the company.
“A healthy skepticism is a lot of hostility, we will be making a lot of progress at risk,” his testimony states. “I don’t understand is that people have to worry about the Scale. However, I do think that it would be bad for our country and the world as well as businesses have been discouraged from taking on challenges such as this one.”
Report by Pete Schroeder; Editing by Chizu Nomiyama and Sandra Maler