December 6, 2019 / news

EU Bans Libra And Other Stablecoins

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EU finance ministers opposed the use of stablecoins in the EU. First of all, we are talking about the digital currency Libra from Facebook, reports Reuters.

No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed, the ministers said in a joint statement.

At the same time, the EU is considering the possibility of creating special rules for the regulation of crypto assets and stablecoins. According to the representative of the European Commission Valdis Dombrovkis, the relevant regulations for the inclusion of this issue on the agenda are already being prepared.

Ministers also supported the ECB in developing its own digital currency, which aims to become an alternative to private digital assets.

Recall that European regulators have long expressed concern about the launch of Libra. Bruno Le Maire, France’s Minister of the Economy and Finance said that the development of digital currency Facebook in Europe will be blocked because it threatens the monetary sovereignty of states, and the German government has adopted a strategy to combat the issue of private digital currencies.

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