Facebook Chief To Testify In House Later This Month

US-POLITICS-IT-FACEBOOK-INTERNET-COMPUTERS

Facebook founder and CEO Mark Zuckerberg will appear in Congress later this month.

Zuckerberg will testify before the House Financial Services Committee about Facebook's controversial plans for digital currency, also known as Libra.

Federal Reserve Chair Jerome Powell and some lawmakers have raised concerns about privacy.

Testifying in Congress, Powell said the so-called Libra coin raises questions about money laundering, terrorist funding and privacy.He also voiced concerns about consumer protection and financial stability.

The new currency does have support from companies like Visa and PayPal.It's thought it will allow more than two billion users across Facebook, Instagram and WhatsApp to make transactions without fees.The currency will also reportedly be tied to traditional currencies to protect it from volatility.

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