Facebook not trying to replace central banks, claims Zuckerberg

Facebook chief plays down economic impact and says libra can help fight financial crime

Mark Zuckerberg
Anthony Quintano

Libra is designed as a new way to transfer money, not an attempt to supplant central banks and “sovereign” currencies, Mark Zuckerberg argued in testimony to US lawmakers today (October 23).

Speaking to a packed room in Congress, the Facebook chief seemed keen to play down the more radical aspects of the libra project and play up the organisation’s willingness to engage with regulators.

In a prepared statement, Zuckerberg acknowledged concerns over whether libra is intended as a competitor to

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