Facebook CEO Mark Zuckerberg reportedly plans to tell Congress that his proposed Libra digital currency payment system will expand the United States’ financial leadership around the globe, CNBC reports. Zuckerberg is expected to provide testimony before the House Financial Services Committee tomorrow.
The Committee released Zuckerberg’s prepared remarks in advance of his testimony. In those remarks, Zuckerberg suggested that innovations like Libra are essential for ensuring that the United States continues to be a financial leader:
“While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.”
Zuckerberg’s remarks also emphasized that Facebook will not be controlling Libra’s future. Instead, the digital currency project will be managed by the Libra Association. In addition, he also attempted to allay fears that Libra has been designed to replace national fiat currencies:
“Finally, there’s the question of whether libra is intended to replace sovereign currency, and whether it’s appropriate for private companies to be involved in this kind of innovation. I want to be clear: this is not an attempt to create a sovereign currency. Like existing online payment systems, it’s a way for people to transfer money.”