Zuckerberg: I View The Financial Infrastructure Of The U.S. Is Outdated

Updated : 2019-10-24T03:20:00

Zuckerberg admitted that his current view of technology development on China has "evolved," compared to ten years ago. "10 of the top companies on the internet were American 10 years ago, now 6 of them are Chinese," said Mark Zuckerberg at the Libra hearing.

When Mark Zuckerberg was asked if Libra was registered in Switzerland to avoid the U.S regulation, he said "Libra Association is an independent association; we are trying to set up a global payment system in Switzerland. I think Switzerland has certainly been forward-leaning on wanting to work through systems like this."

And he continued "financial infrastructure of the US is outdated. There are two sets of work Facebook do on payment; one is building payment systems that allow people to send money on top of the existing financial system that exists, that work is relatively less controversial we are doing it around the world in different countries on top of existing payment systems. There is another set of work which is what we are trying to do, with Libra which is trying to help rethink what a modern infrastructure for the financial system would be if you started today rather than 50 years ago that is outdated…"

As Alipay has 900 million users, Facebook sees the Chinese as their global competitors. Zuckerberg admits a part of the financial infrastructure Chinese is working on is a lot modern than some of what the U.S. would have to build on. "As soon as we [Facebook] put forward the Libra Whitepaper, China immediately announced a public-private partnership to working with companies like that to extend the work that they had already done with Alipay into a digital RMB as part of the belt and road initiative that they have, and they are planning on launching that in the next few months," stated Zuckerberg.