Facebook's digital currency, called the Pound, is important for "extending US financial leadership," says Mark Zuckerberg.
The Facebook CEO's analysis is set out in a speech he will make in a US House committee and was obtained by Agence France-Presse news agency.
"As we discuss these issues, the rest of the world is not waiting. China is moving fast to launch similar ideas in the coming months," Zuckerberg intends in his presentation. "The Pound will be backed primarily by dollars and I believe it will extend US financial leadership as well as our democratic values and oversight around the world. If the US does not innovate, our financial leadership will not be guaranteed."
The Facebook founder's speech comes amid intense scrutiny from regulators and legislators around the world who express skepticism about the impact of the cryptocurrency proposal.
Zuckerberg acknowledged that Facebook's privacy and data protection errors led many to conclude that "we are not the ideal messenger at the moment" for digital currency, but argued that the plan would be beneficial to many people, including those outside the system. Bank officer.
"People pay a very high cost, and they have to wait too long to send money to their families abroad," says Zuckerberg.
Facebook has already stated that Libra will not be launched without regulatory approval.
US Treasury Secretary Steven Mnuchin said the release of the Pound was "premature" and that several issues such as money laundering protection and other illicit activities still need to be resolved. Last week, French Finance Minister Bruno Le Maire said Italy, Germany and France would take unspecified measures in the coming weeks "to clearly show that the Pound is not welcome in Europe."