All you need to know about Facebook’s Cryptocurrency Testimony

Mark Zuckerberg, Facebook's CEO went on to be the sole witness in front of the USHRCFS (United States House of Representatives Committee on Financial Services) to testify his role in developing Libra, a cryptocurrency backed by a bunch of stable international assets and designed to be used anywhere in the world. Following the tradition, an unabridged testimony was submitted in advance with the members of Congress for the lines of questioning to be prepared.

Mark Zuckerberg

As the government and central banks struggle to keep up with the global currency backed up by their assets, the comments from Zuckerberg were disappointingly predictable in some ways. With three new bills being introduced to the house in the days leading up to the testimony, can spell doom for Mark’s plan. However, a closer analysis of his comments puts a light on Facebook’s bigger strategy.

The structure- Explained.

The written testimony submitted by Mark is classified into five sections namely, the Introduction, a summary of the Libra Project, plans on combating discrimination, a commitment to diversity, and finally the conclusion.

i. Introduction

The first section is interesting for the following reasons.

First, Mark’s plan to place Libra in the global context as a reaction to China’s plan to establish a similar cryptocurrency that can be spent anywhere in the world, and distributed via a consortium of state-owned companies!