Facebook CEO Mark Zuckerberg testified before the United States House Of Representatives Committee on Financial Services on Tuesday 22 October. He spoke about the company’s intentions with Libra, and sought to assuage the concerns of regulators and legislators around the world that the currency could be used for illicit purposes, or replace sovereign currency.
“There are more than a billion people around the world who don’t have access to a bank account, but could through mobile phones if the right system existed,” he said. “This includes 14 million people here in the U.S. Being shut out of the financial system has real consequences for people’s lives — and it’s often the most disadvantaged people who pay the highest price.”