The #Libra Association has announced it’s planned for a simple global currency and financial infrastructure.
Find out more https://libra.org/en-US/
The #Libra Association is today announcing plans for a simple global currency and financial infrastructure. Find out more https://t.co/VPS7LllcNn #blockchain #cryptocurrency pic.twitter.com/mdHymhsrcH
— Libra (@Libra_) June 18, 2019
The Libra Association was initially composed of a handful of large firms, but PayPal Holdings has since severed ties with the project.
Though it seems that even though PayPal may have stepped out of the picture, Facebook is now taking that place. Facebook CEO Mark Zuckerberg is set to testify before the House Financial Services Committee over the platform’s plans to implement its own digital currency. Sources close to the matter this week said Zuckerberg will be the only witness at the hearing later this month.
Though online currency makes people feel uneasy pure and simple is due to the unpredictability and the wild market cycles of similar currencies like Bitcoin. This makes Global regulators wary of how digital currency will impact the financial system. The Libra currency was created to boost e-commerce and advertisements within Facebook with plans to release the cryptocurrency in 2020, but a number of factors may halt the company’s progress. The real concern is that Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data it is also agreed that Congress and regulators have the opportunity to examine the consequences of what happens if Facebook creates such a currency.
Moving money around globally should be as easy, cost-effective and even more secure than sending a text message or sharing a photo — no matter where you live, what you do, or how much you earn. https://t.co/Eea4vMKYlv #Libra #FinancialInclusion #blockchain #cryptocurrency pic.twitter.com/WXw9Rypxmj
— Libra (@Libra_) June 20, 2019
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President Donald Trump wants the Senate to pass the budget deal worked out a few days ago and will sign the legislation, even though it will add significantly to the national debt, acting White House chief of staff Mick Mulvaney told Fox News on Sunday.
“When the Democrats won the House, everybody knew we were going to end up spending more money,” Mulvaney said, adding that the agreement is still a victory for the Trump administration.
“The Democrats wanted to limit our policies on the border, they wanted to limit our policies regarding pro-life, they wanted to limit our policies regarding deregulation — and we won on every single one of those,” Mulvaney said. “So, did we spend more money than we wanted to? Yes. Did we get a lot in return. Yes.”
When asked what happened to Trump’s promises as a presidential candidate to quickly balance the budget, Mulvaney placed the blame on the Democrats.
He insisted on deflecting all blame for the deficit even when Fox News host Chris Wallace pointed out that the Republicans controlled Congress for the first two years of the administration.