Per the latest report by Bloomberg media which cited a source familiar to the matter, said that Facebook is determining the possible meeting between congressional committee and its chief operating officer (COO) Sheryl Sandberg to testify the stance of Libra as soon as next month.
Facebook Seeks Sheryl Sandberg Hearing Testimony
As Facebook’s Libra is over-weighed with the regulatory uncertainties from the global regulators, the social media giant strongly urged to clear all those regulatory hurdles from its path prior to launching Libra cryptocurrency. Although it was set to launch in the year 2020 as per its earlier announcement, the CEO Mark Zuckerberg fails to commit the launch date in his latest interview with the Nikkie Asia.
Per the Bloomberg’s latest report, Facebook’s COO Sandberg seeks to testify to the US House Financial Service Committee as soon as late October but this may be postponed to later in the year. Accordingly, the COO might address various questions concerning the possible risk that the global monetary system could face with the launch of Libra.
Undoubtedly, Facebook’s announcement of launching Libra raised the eyebrows of global regulators, policymakers, central banks and almost all high-profiles that work closely with government and central banks. Among other countries, the stance of the US over Libra consider as the serious roadblock since the US President Donald Trump publicly bashed at the giant’s plan of entering into the financial world. With the close scrutiny of the matter, it was assumed that United States believe Libra’s entry into the financial world could be a direct threat to US Dollar as the Dollar is the global currency at present for various aspects including international trades.
In fact, Mark Carney, the governor of Bank of England suggested central banks should have the reserve in stablecoins such as Facebook’s Libra. Importantly, he mentioned, Libra will be one approach that might end the dominance of the US Dollar.
Conclusively, Sheryl Sandberg isn’t the first officials to be testifying Libra in US house, previously in July, the Calibra CEO David Marcus testified against both the House and the Senate. Although committee members posed hard questions, the hearing was concluded with no solid decision, demanding Mark Zuckerberg’s presence in the house.
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