WASHINGTON: Facebook Inc CEO Mark Zuckerberg sought to reassure skeptical U.S. lawmakers on Wednesday that the company's planned digital currency Libra would be a force for good that could reduce costs for electronic payments and help more people participate in the global financial system.
"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. Zuckerberg acknowledged Facebook's mistakes but said they should not stand in the way of Libra, based in Switzerland, which would help reduce the cost of global payments.
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