Libra Is Challenged by European Commission, U.S. Senators

Facebook’s cryptocurrency Libra has faced another setback, this time in the European Union, which plans to introduce legislation to prevent it from competing with Europe’s single currency. European Commission vice president Valdis Dombrovskis, in charge of regulation, said Libra is a systemic risk to the Euro, “both from the perspective of financial stability and the protection of financial investors.” In the U.S., two Democratic senators urged Mastercard, Visa and Stripe to reconsider their support of Libra. Continue reading Libra Is Challenged by European Commission, U.S. Senators

G20 Summit: President Trump Partially Lifts Ban on Huawei

At the Group of 20 meeting in Osaka, Japan, President Trump stated that U.S. products can again be sold to Huawei Technologies, allowing the Chinese tech company to buy the U.S. components it needs to stay afloat. Trump added, however, that his move does not lift the ban on goods related to national security. Much of the U.S. concern about Huawei has centered on claims that its products are security risks, and the Commerce Department has been hesitant to remove Huawei from its blacklist. Today, commerce secretary Wilbur Ross said the U.S. will issue licenses for companies wanting to do business with Huawei as long as there is no threat to national security. Continue reading G20 Summit: President Trump Partially Lifts Ban on Huawei