Stopping Libra will give China an edge: Zuckerberg

New Delhi: Facebook CEO Mark Zuckerberg is going to tell the US Congress that restricting its digital currency Libra will give China headway in this space which is already working on such projects.
According to prepared remarks released ahead of a House Financial Services Committee hearing on Wednesday, Zuckerberg said a digital payment system is going to be important in the future.
“If America doesn’t lead on this, others will. Foreign companies or countries may act without the same regulatory oversight or commitment to transparency that we have,” he noted.
Zuckerberg stressed that the rest of the world isn’t waiting.
“China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world.
“If America doesn’t innovate, our financial leadership is not guaranteed,” he wrote.