Mark Zuckerberg will go to the US Congress to explain cryptocurrency on Facebook

The founder of Facebook, Mark Zuckerberg, will be presented on October 23 before the US Congress to explain Delivered, the cryptocurrency of society faced with strong regulatory issues, as well as other issues, such as advertising policies on social networks.

The businessman will testify before the Financial Services Committee of the House of Representatives at his first appearance in Congress since April 2018 in front of both chambers to give explanations of the data leak scandal users with his company and Cambdrige Analytica.

The launch of the Libra, announced in June, has raised concern among governments, legislators and central bankers in several countries over the past decade. lack of regulation around "stablecoins", crypto-currencies based on real currencies.

But it is especially the volume that Libra could acquire once launched – based on more than 2,200 million Facebook users worldwide – which worries the authorities, who warn of dangers as much as possible. impact on the financial system or its potential use for money laundering.

As reported The New York TimesLawmakers should take a critical stance on Facebook's initiative, especially because host committee leader Democrat Maxine Waters "violently" criticized the social network and demanded that it stop the project.

Although managed by Facebook, Libra will be managed by a consortium of 28 companies, including Argentina's Mercado Libre, Spotify, Visa and Mastercard.

However, after intense questions – particularly from the German and French governments – some Libra Association partners have begun withdrawing public support for the initiative, while the PayPal payment company announced last week its intention to leave the project.

In addition to launching cryptocurrency, Zuckerberg is expected to answer questions about Facebook's advertising tactics, including the sale of targeted "racially-discriminating" ads. The New York Times.

The largest social network in the world is the subject of several simultaneous investigations in the United States, including one from the Federal Trade Commission and another of a group of prosecutors examining possible monopolistic practices.