News

Facebook’s Zuckerberg and grilled in US Congress over the digital currency’s use, privacy policy, election

WASHINGTON (Reuters) – Facebook Inc CEO Mark Zuckerberg on Wednesday that the company’s planned digital currency Scale, was a risky project, but sought to reassure skeptical US lawmakers that it is able to reduce the cost of electronic payments on the global financial system, and for the people.

With a suit and tie, and can be Done even fended off the aggressive questions about the selection of the interference, the freedom of speech, hate groups, and the phony news about the members of the U.S. House of Representatives and the Committee on Financial Services.

Representative Maxine Waters, from the control panel, the fiery Democratic chair questioned Zuckerberg on Facebook’s measures to combat the false information and voter suppression ahead of the November 2020 U.S. presidential election. They suggested policy makers should consider breaking Facebook.

Waters had previously called for the end of the Scale, a project for the planned 2020 launch, it has drawn up legislation that would bar tech companies entering the financial services industry.

“It would be helpful to all, as Facebook is focused on addressing many of the shortcomings and failures to you before you go on the Scale the project,” Waters told it can be Done a few months after Facebook announced that it had been removed from the network of russia’s accounts, targeted U.S. electorate to its Instagram platform.

TWO CRITICAL

Republican and Democratic lawmakers in both sand-blasted Facebook for failing to crack down on online child exploitation, and political disinformation, and in the privacy of your personal data to be cancelled. A few said that they would not have to rely on Facebook in order to assist in the provision of financial services to its 2.4 billion users, given the past history of scandals.

“Facebook’s internal model, and for a long time, it was ‘Move fast and break things.’ The lord has Done that we don’t want to break out of the international monetary system,” said Representative Nydia Velazquez, a Democrat.

Zuckerberg said that Facebook would push for U.S. approval for the launch of the monitor, which is set up by a swiss-based consortium, including venture capital firms and not-for-profit organizations. He said: “Facebook would even let up the Scale of Association, as of the other companies for the launch of the coin, without having to sign-off.

The scale has slowed in the past few weeks, in the midst of continuing criticism from lawmakers and regulators around the world fear, it may be helpful for the purpose of money laundering and to upend the world’s financial system. A number of financial services providers, such as Mastercard, Visa card, PayPal, and eBay, have abandoned the project.

Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing on Capitol Hill in Washington, d.c., USA, October 23, 2019 at the latest. REUTERS/Erin Scott

Representative Ann Wagner, a Republican, has been printed can be Done about it, is the reason why a lot of companies left with the Scale of effort. “You’ve lost this set of partners, and I think it’s very, very concerning,” she said. “Why are some of those founder members are concerned whether you are up to the task of fulfilling our purpose of money laundering and the legal requirements?”

The 35-year-old Facebook CEO admitted that the companies have quit since of the Scale, it is a “risky project” and that he wasn’t sure if it would work. During his testimony, the price of bitcoin relative to the US dollar tumbled to a five-month low.

FACEBOOK HAS “WORK TO DO”

Calm and composed, can be Done to navigate the opposing team’s room without any major slip-ups, and was even provided with a soft rib, the Democratic Representative Katie Porter, who complimented him on his short hair.

The CEO of the last, appeared before Congress in April of 2018, where he made a 10 hour of questions over two days of House and Senate panels on top of the political consulting firm of Cambridge Analytica misuse of Facebook information of a customer to participate in the 2016 US presidential election.

On Wednesday, he acknowledged Facebook mistakes, he says, to understand that the social media giant was not to be the “perfect messenger”, for the Scale of project, and that the company has “work to do in order to build confidence and trust.” However, he said that in the past mistakes should not stand in the way of the Scales, based in the netherlands.

“The vision here is to make it so that people will be able to send money to each other, as easy and cheap as it is, it is the sending of a text message.”

Zuckerberg was not significant liabilities on behalf of the Scale, because Facebook is no longer monitoring of the project, sometimes to the frustration of the legislators.

On Oct. 14, the Scale’s Association, consisting of 21 members, of the agreed upon articles of association, will explain how the business will be operated, as required by Swiss law. Most of the decisions requiring a majority vote of the members of the group, the board of directors, which means that Facebook is not the one in charge.

Legislators also touched on other hot-button issues, including diversity issues, equal opportunities and the costs associated with the company’s regulator in March, is still pending, alleging Facebook violated the fair lending laws and regulations.

Slideshow (12 Images)

Representative Joyce Beatty, a Democrat, insisted be Done, and they said that they are looking at Facebook’s efforts to address the civil violations of human rights as insufficient, and called it “horrible and disgusting.”

Some of the Republicans have to support it for be Done and in the monitor project, on the grounds that the government did not have to give up on the private sector to innovate for the future.

“I have my own doubts about Facebook, and the Scale, and the lack of Large-Tech,” said Representative Patrick McHenry, the top Republican on the panel. “But, as the history has taught us anything, it’s better to be on the side of the Us in innovation”

Report by Pete Schroeder; edited by Michelle Price, Lincoln Feast and David Gregorio

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular