WASHINGTON, DC (BBN) – Facebook (NASDAQ: FB) founder and CEO Mark Zuckerberg is prepared to meet any concerns or objections that US House Financial Services Chair Maxine Waters (D-CA) may have regarding Facebook unit Calibra proposed Libra cryptocurrency, Calibra head David Marcus said.
[Facebook unit Calibra David Marcus speaks to Capitol Intelligence/BBN using CI Glass on US House Financial Services Committee Chairwoman Maxine Waters hearing with Facebook CEO Mark Zuckerberg after speaking on a panel “Big Tech and the Future of Finance” with Bank of England Governor Mark Carney during the IMF World Bank annual meetings in Washington, DC. October 16, 2019]
Speaking to Capitol Intelligence at the IMF World Bank meeting on Facebook CEO Mark Zuckerberg upcoming hearing in front of Maxine Waters on October 23, 2019, Marcus said that Zuckerberg will tell Waters that “we agree with her that we will take time to get this right (Libra). We are on the same page.”
The decision by US House Financial Services Committee Chair Maxine Water to hold a special hearing for Mark Zuckerberg follows a White House news conference by US Treasury Secretary Steven Mnuchin on Jul 15, 2019 to air “serious concerns” over Libra.
Answering a question by Capitol Intelligence at news conference on October 16, 2019, Waters said she specifically called Zuckerberg as “he is the only one” who can give definite answers regarding the Libra currency and other issues related to Facebook.
[US House Financial Services Chair Maxine Waters speaks to Capitol Intelligence/BBN using CI Glass on October 26 hearing with Facebook founder and CEO Mark Zuckerberg regarding Calibra cryptocurrency and Facebook activities at Terrorism Risk Insurance Reauthorization Act news conference at the US Congress on October 16, 2019]
Facebook’s Zuckerberg is facing steep opposition for his proposed Libra cryptocurrency from Mnuchin, Waters along with French and German monetary authorities while winning some cautious support from Bank of England Governor Mark Carney.
Financial observers believe that the proposed cryptocurrency is all but dead as Libra backers such as Visa, Mastercard and others dropped out of the Calibra consortium due to US Treasury department opposition.
In fact, Mnuchin minced few words criticizing Facebook’s Libra, stating the new currently raises serious concerns for both money laundering and illicit financing of terrorist organization.
[US Treasury Secretary Steven Mnuchin filmed by Capitol Intelligence/BBN using CI Glass on Calibra, #bitcoin #cryptocurrency at the James S. Brady press briefing room in White House on July 15, 2019]
US and many EU regulators were angered for what they considered Facebook surprise announcement that it would create a cryptocurrency based in Switzerland without having taken requisite steps to win necessary pre-approval of the US Federal Reserve, US Securities Exchange Commission and US Commodity Futures Trading Commission (CFTC).
In fact, Calibra’s David Marcus and Bank of England Governor Mark Carney participated at a high-level panel on October 16, 2019 titled “Big Tech and the Future of Finance” during the IMF World Bank annual meetings in Washington, DC.
Facebook’s Marcus intention was apparently to convince the IMF World Bank delegates of the world’s finance and central bank governors that the proposed Libra cryptocurrency poses no threat to the global financial system or their ability to supervise their markets.
[CIQ President Hassan Aldahan speaks to Capitol Intelligence /CI MENA using CI Glass on Facebook Calibra cryptocurrency project during a panel titled: “Big Tech and the Future of Finance with Calibra head David Marcus during the IMF World Bank annual meetings in Washington, DC. October 16, 2019]
CIQ Corporation CEO Hassan Aldahan, an Iraqi-American investment banker owner of CIQ Corporation, specializing in cross-border M&A and distributed hyper ledger technology (smart contracts), said that that the proposed Libra cryptocurrency is both premature and outdated.
Aldahan said that the Libra is merely a Fiat currency in a digital wallet, something that countries such as Tunisia (Poste Tunisie) and other in the developing world have been using for time.
However, Aldahan said that that countries should use distributed hyperledger technology, blockchain, for payment settlement as it is “more efficient, less costly and can be fully monitored by national regulators.”
By PK Semler in Washington, DC.
For more information please call +1-202-549-3399 or email: pks@capitolintelgroup.com.
Copyright of Capitol Intelligence Group – Turning Swords in Equity (®)