China will steal a march on American technology if the US blocks Facebook’s plans for a global digital currency, Mark Zuckerberg warned as he was questioned over the company’s Libra project in front of Congress for the first time.
The Facebook chief executive testified yesterday for several hours during an often hostile hearing that ranged far beyond the digital currency, touching on everything from false advertising to election interference.
Mr Zuckerberg acknowledged the concerns of regulators and politicians that Libra could allow money laundering and undermine the supremacy of the dollar. But he insisted that cancelling the scheme would be worse for American political and financial leadership.
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