Zuckerberg: We Will Abandon Libra If U.S. Regulators Say No

Facebook chief Mark Zuckerberg told the U.S. Congress on Wednesday that the company would abandon Libra, its planned cryptocurrency-based payments system, if its partners choose to launch the project before securing approval from U.S. regulators.

Zuckerberg faced widespread hostility from lawmakers at a six-hour grilling in front of the House of Representatives’ Financial Services Committee, during which some members accused the Silicon Valley giant of attempting to create a safe haven for “drug dealers and criminals.”

The Facebook founder stressed that the Californian tech giant is just one member of the 21-strong Libra Association, despite nursing the idea of a global payment system based on the Libra stablecoin.

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