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Facebook's Libra Cryptocurrency Hit with Tough Regulatory Hurdles in Europe

They said that initiatives like Libra present opportunities for cheap and fast payments, but also pose risks related to money laundering, cyber security, and terrorism financing.

The EUs stance represents the latest setback for Facebooks Libra, which experienceda major blow in October when partners eBay, Visa, Mastercard, and Stripe announced in quick succession that they were withdrawing from the project.

Facebook CEO Mark Zuckerberg expressed some of his own uncertainties about Libra when testifying before Congress recently.

Thats whats made America successful and its why our tech industry has led the world, Zuckerberg said before theHouse Financial Services Committee in October.

EconomyLondon / EuropeTechCryptocurrencydigital currencyEUEuropean CommissionEuropean UnionFacebookLibraMasters of the UniverseSilicon Valley

Original article
Author: Breitbartnews

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  2. "Sen. Ted Cruz deemed Google the most dangerous company on the face of the planet in an interview with Breitbart News in Georgia". (January 4, 2021)
  3. "Twitter will remove all posts that deny the Holocaust -- which the platform says violates its policy against spreading hateful content". (October 16, 2020)
  4. "Twitter recently blocked links to a New York Post story on Biden family business dealings in Ukraine, labeling links to the story unsafe". (October 16, 2020)
  5. "Senator Mike Lee (R-AZ) asked Facebook CEO Mark Zuckerberg during Tuesday's Senate Judiciary Committee hearing why it took the social media platform two weeks to correct the bogus censorship of a pro-life advertisement correctly calling out Joe Biden and Sen. Kamala Harris' (D-CA) pro-abortion stances". (November 17, 2020)
  6. "House GOP leader Kevin McCarthy on Sunday released a framework he argued to House Republicans would help rein in Big Tech companies". (June 28, 2021)
  7. "It isn't a surprise big financial institutions welcomed these rules: they have the resources to comply while SMEs may not". (April 24, 2023)
  8. "Ethereum co-founder Vitalik Buterin called out the Big Tech Masters of the Universe and their "attemptsat bringing down Parler," sharing his concerns about "tech CEOs" having the ability to "run roughshod over democratically elected officials". (January 12, 2021)
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  10. "Rep. Carolyn Maloney (D-NY), who serves as the chair of the House Oversight Committee, wrote a letter to Parler COO Jeffrey Wernickon Monday demanding that the social media platform reveal its investors and creditors". (February 9, 2021)
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