Facebook's Zuckerberg grilled in US Congress on digital currency, privacy, elections

WASHINGTON: Facebook Inc CEO Mark Zuckerberg conceded on Wednesday that the company's planned digital currency Libra was a"risky project," but sought to reassure skeptical U.S. lawmakers that it could lower the cost of electronic payments and open up the global financial system to more people.

"It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project," Waters told Zuckerberg two days after Facebook disclosed it had removed a network of Russian accounts targeting U.S. voters on its Instagram platform.Republican and Democratic lawmakers alike blasted Facebook for failing to crack down on online child exploitation and political misinformation, and for data privacy lapses.

Libra has faltered in recent weeks amid sustained criticism from lawmakers and regulators globally over fears it may aid money laundering and upend the global financial system. Several financial partners including Mastercard, Visa, PayPal and eBay have abandoned the project.Representative Ann Wagner, a Republican, pressed Zuckerberg on why so many companies abandoned the Libra effort. “You’ve lost these stable partners and I find it highly concerning," she said.

On Wednesday, he acknowledged Facebook's mistakes, saying he understood the social media giant was not the"ideal messenger" for the Libra project and that the company has"work to do to build trust." But he said past missteps should not stand in the way of Libra, based in Switzerland. On Oct. 14, the Libra Association comprising 21 members agreed articles of association laying out how the organization will be governed, as required by Swiss law. Most decisions will require a majority vote of the group's governing council, meaning Facebook will not call the shots.

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