Mark Zuckerberg testified in front of Congress yesterday, and to questions thrown his way were riddled with suspicion and contempt. Members of Congress present for the heated testimony emphasized Facebook’s inability to act on important issues such as election time misinformation, false advertising, and refusal to fact check any information, according to Bloomberg, October 23, 2019. The main takeaway here was that politicians are nowhere close to being convinced that Libra can run in the way they want it to, and supplement growth in the United States economy.
Zuck in the Muck
Yesterday was not a fun day for Mark Zuckerberg, Facebook, and any companies in the Libra Association. It is obvious now that despite 21 members being a part of the consortium, regulators still believe Facebook is the driving force behind Libra.
Zuck was actually able to offer a lot through proving the argument but his inclination to evade more specific, technical questions left much to be desired. When attempting to justify why the United States needs Libra, Zuckerberg spoke of the innovative spurt leaving North America.
China’s digital currency is on the horizon, and it is the truest competitor to Libra in both vision and substance. Zuck seemingly tried to use the sensitive bilateral ties between two countries to establish his agenda. But when he was hit back with how Libra could benefit dollar dominance, he had little to nothing in response. Read More...