Mark Zuckerburg Is Playing By The Rules When It Comes To Cryptocurrency
This week, Mark Zuckerburg stated at a hearing of the House Financial Services Committee that Facebook will not proceed with its cryptocurrency project, Libra, unless U.S. and foreign regulators approve, according to The Wall Street Journal.
There are a couple of reasons why Mark Zuckerburg could be taking this conservative approach to their new business endeavor. First, Facebook is a huge corporation and is almost too big, which could lead to an antitrust lawsuit. Second, Facebook is getting into a new industry and wants banks and other financial companies' support.
There is also the possibility that Facebook could launch Libra without support or approval from congress. For the reasons listed previously, that would not be the wisest decision. Furthermore, Facebook has been under scrutiny due to its involvement in allowing users to post fake news. He commented on the issue of fake news posting by stating, “I don’t think most people want to live in a world where you can only post things that tech companies judge to be 100% true.”
Mark Zuckerburg also told Congress about the competition from China. He claimed that a Chinese business will pursue a cryptocurrency if a United States company does not. It seems Mark Zuckerburg is taking the conservative route in his pursuance of a cryptocurrency business venture.