Mark Zuckerberg will appear before Congress on Wednesday to defend Facebook’s controversial ‘cryptocurrency’ project, Libra. In his prepared remarks, the Facebook CEO will tell lawmakers that America risks losing “financial leadership” to China if they don’t get behind his company’s plan. Referring to China’s proposed digital currency, which is expected to launch before the end of the year, Zuckerberg will argue: “While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months… If America doesn’t innovate, our financial leadership is not guaranteed.” Continue reading Zuckerberg Spins Congress: Back Facebook Cryptocurrency or Let China Win
High-ranking legislators in Congress have issued a thundering rebuke to Facebook’s cryptocurrency ambitions, demanding that the Mark Zucker-berg led firm “immediately cease” work on Libra until the government says otherwise. Continue reading Congress Demands Facebook Halt Work on the Libra Cryptocurrency
Mexico’s lower house of Congress recently approved a bill that’s set to regulate the financial technology (fintech) sector in the country. The bill addresses both crowdfunding and cryptocurrency regulations, and puts Mexico among a small group of countries regulating the cryptocurrency space. According to Reuters, the bill seeks to “promote financial stability and prevent money laundering,” and has been approved by Mexico’s Senate back in December. Now, it only needs to be signed by the country’s President Enrique Pena Nieto, to become law. Reportedly, the bill was crafted in general terms, and will see regulators draft “secondary laws” that will help determine essential details for companies dealing with cryptocurrencies. The law will give fintech companies greater regulatory certainty surrounding issues such as cryptocurrency-related rules, payment methods, and crowdfunding.