Zuckerberg to testify in US Congress on Facebook digital currency

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They are among 28 financial services companies that joined what Facebook has dubbed the "Libra Association" and are reportedly being asked by Facebook to recommit to the project next month.

Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington a year ago.

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook's stablecoin Libra and Facebook's operations in general.

Waters and her colleagues also requested that Facebook and its partners immediately agree to a moratorium on any movement forward on its proposed cryptocurrency, Libra, and its proposed digital wallet, Calibra.

The current head of Libra, David Marcus, is a Facebook employee and has been at the center of the ongoing drama surrounding the cryptocurrency since it was announced in June.

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The association is composed of a group of 27 members including Facebook and the payments companies, as well as a swath of tech companies like Uber Technologies Inc., telecom providers Iliad SA and Vodafone Group Plc, and cryptocurrency companies like Coinbase, Inc.

Libra has already garnered scrutiny from lawmakers.

Mark Zuckerberg will testify about Libra, the cryptocurrency he is building, this month after he was summoned by a committee of U.S. politicians. But lawmakers around the world raised concerns about its implications for financial markets, cyber crime and consumer privacy. US Federal Reserve Chairman Jerome Powell has said Libra could pose a risk to the financial system, and it's drawn criticism from President Donald Trump and Treasury Secretary Steven Mnuchin.

In April 2018, Zuckerberg testified before committees in both the House and the Senate for a total of 10 hours over two days.

Zuckerberg's testimony will come at a precarious time for Libra.

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