Technology Congress will grill Mark Zuckerberg over Libra October 23rd
Facebook’s Libra Association is being investigated by EU antitrust regulators
Facebook's Libra cryptocurrency project is being probed again, this time by European Union antitrust regulators. The European Commission said it is "currently investigating potential anti-competitive behavior," related to the Libra Association, Bloomberg reports. In a questionnaire sent out this month, the EU authority expressed concerns that Libra would unfairly shut out rivals. The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency.
Mark Zuckerberg will be under the spotlight of regulatorswhen CEO before the Financial Services Committee this month. The congressional panel is set to grill him October 23rd over Facebook's planned cryptocurrency Libra and digital wallet Calibra.
Zuckerberg will be the sole witness at the hearing, titled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors." Until now, Facebook has opted to mainly send Calibra CEO David Marcus to discuss Libra with regulators.
France says it will block Facebook's Libra cryptocurrency in Europe
Facebook's Libra cryptocurrency has run into another stumbling block. Less than a month after the EU opened up an antitrust investigation into the project, officials in France have announced that they "cannot authorize" Libra on European soil. Speaking at an OECD conference in Paris on Thursday, French finance minister Bruno Le Maire said Libra would put the sovereignty of governments at risk. "All these concerns around Libra are serious," he said, according to a translation by CNBC. "So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil.
and Germany have said it should be banned in the European Union. They argued it'd pose a challenge to governments' "monetary sovereignty." Meanwhile, PayPal has and Visa and Mastercard
In July, the Democratic members of the committeeto block Facebook and other major tech companies from launching cryptocurrencies. Even if the bill doesn't make much progress towards becoming law, it highlights a degree of wariness about Libra from lawmakers, and suggests the committee members will have plenty to ask Zuckerberg about.
Mark Zuckerberg to testify again before Congress .
Facebook CEO Mark Zuckerberg will testify before a House committee later this month as Congress scrutinizes the tech giant's plans for a digital currency. © Zach Gibson/Getty Images WASHINGTON, DC - APRIL 10: Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill April 10, 2018 in Washington, DC.
Senate Banking Committee Hearing: Facebook
Congress Nervous About Libra Crypto | Powell Testimonial
During Jerome Powell's Testimony to congress and the senate on Wednesday and Thursday this week, many of the questions were directed to the concern ...
Friday, 20 september 2019
This is one time that Apple's latest update for your iPhone and iPad isn't making it easier on you.Deleting apps just got more […]
Wednesday, 18 september 2019
Police across Europe raid illegal streaming service […]
Thursday, 10 october 2019
As teased last month, Oppo's latest flagship phone, the Reno Ace, is unveiled today. We already knew about the device's 65W SuperVOOC 2.0 feature which charges its 4,000mAh battery in just 30 minutes, thus setting an impressive record in the industry. What's surprising is […]
Thursday, 10 october 2019
3D printing lets MIT engineers put the Renaissance man's plans to the test.Recent graduate student Karly Bast shows off the scale model of a bridge designed by Leonardo da Vinci that she and her co-workers used to prove the design's […]
Monday, 30 september 2019
Negative interest rates have quite literally broken one of the pillars of modern finance. © Jonathan Ernst/ReutersHow to handle the downside of higher rates.As economists and central bankers weigh the pros and cons of sub-zero rates and their impact on the world, traders have been […]
Wednesday, 25 september 2019
UK company Reaction Engines is developing its Synergetic Air-Breathing Rocket Engine (SABRE), which could fly in space at Mach 25 and cut UK-Australia flight times to 'as little as four hours'The UK Space Agency announced Tuesday at the UK Space Conference 2019 that it would be […]
Friday, 27 september 2019
How to save your sanity with one click with Chrome's new Pause/Play feature.The button is convenient for those who typically have multiple tabs open, your computer volume up and need to quickly shut the music off. The new feature is still in its experimental phase, so it may function […]
Saturday, 05 october 2019
Don't eat Tide Pods. Do eat Glenlivet whisky capsules, if you're into that sort of thing.Glenlivet, known for its Speyside Scotch offerings, unveiled a set of cocktails this week that're served inside see-through seaweed-extract casings. You pop one in your mouth, bite down and […]