Facebook CEO and founder Mark Zuckerberg will explain the Libra project and its possible impact on the economic model of the company to the US House Committee on Financial Services.
The testimony of the renowned creator of the social network will take place on October 23rd, according to statements by Maxine Waters, the deputy chairman of the committee of the American Chamber that has communicated the subject of the session.
Zuckerberg is expected to be the only participant in the hearing, which will be completely devoted to the analysis of the impact of Facebook and the Libra project on financial services.
It seems that the members of this committee have been pressing for a long time to obtain a hearing with Mark Zuckerberg, so as to understand and assess the effects on the economy of the Libra cryptocurrency, announced last June and which should debut in the second half of 2020.
Will the Libra project have a chance?
It is difficult to estimate what will happen after this event, which in some ways could result in the launch or suspension of Libra, a project already at the centre of attention for its possible economic repercussions and for the opinions that have emerged from the various jurisdictions.
Just recently, in fact, one of the companies supporting Mark Zuckerberg’s project, PayPal, decided to take a step backwards and stand by and watch, in view of the legislative uncertainties surrounding the Libra project. Not only PayPal but also companies such as VISA and MasterCard, according to rumours leaked from the Wall Street Journal, may take a step back, leaving the consortium created at the time of the announcement of the cryptocurrency.
After the meeting between the US House Committee on Financial Services and Zuckerberg, the situation concerning Libra may thus be made clear, facilitating or not the development and continuation of the project. The date of Libra’s launch has not yet been set, but it should officially debut in the second half of 2020, although any bureaucratic problems could postpone its launch.