Facebook CEO Mark Zuckerberg tried to assure skeptical American lawmakers that his digital currency will help in cutting costs of electronic  payments and will help many people to be a part of global fiancnial system.

Speaking during the hearings at the U.S. House of Representatives Financial Services Committee, Zuckerberg said he would insist on U.S. regulatory approval before launching Libra.

During the hearings Facebook CEO faced questions on election interference, free speech, hate groups and fake news.

He acknowledged Facebook’s mistakes, saying he understood the social media giant was not the “ideal messenger” for the Libra project and that the company has “work to do to build trust”, Reuters reported.