Tech & Telecom Law News

Facebook Warns Washington That Beijing Wins If Libra Plan Fails

Oct. 17, 2019, 5:31 PM

Facebook Inc. has a warning for those in Washington determined to derail the company’s plans for creating a cryptocurrency: doing so would be a huge win for China.

David Marcus, the executive leading the company’s Libra initiative, said Beijing is plowing ahead in trying to stand up a digital payments system with global reach even as U.S. officials try to figure out how to regulate Facebook’s coin. Chinese progress could represent a real threat to U.S. influence, Marcus said Thursday during an interview at Bloomberg News’ Washington bureau.

“The future in five years, if we don’t have a good answer,...

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