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Facebook CEO Says Libra Won’t Launch Until U.S. Approves (2)

Oct. 22, 2019, 7:40 PMUpdated: Oct. 22, 2019, 7:53 PM

Mark Zuckerberg plans to defend Facebook Inc.’s Libra project before a congressional panel on Wednesday, saying the cryptocurrency won’t be launched without approval from the U.S. government.

In prepared remarks ahead of a hearing in the House Financial Services Committee, he argued the company is seeking to offer an affordable solution to existing methods of sending money abroad.

“People pay far too high a cost -- and have to wait far too long -- to send money home to their families,” wrote Zuckerberg, chief executive officer of the world’s largest social network. “The current system is failing them.”

The ...