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EU finance ministers agreed to block Libra

Dec 05 2019
By
Jonathan Smith

EU finance ministers have agreed that  private digital currencies like Libra – the crypto coin Facebook plans to launch in 2020, should not be allowed in the European Union until all possible risks are identified and properly addressed, Reuters reports.

 

Since Facebook revealed its Libra project in June, virtually all major financial regulators have expressed concerns about Libra's  possible impact on the global financial system. The unease steams from Facebook's huge customer base – currently the social media has more than 2 billion users.

 

The European Central Bank, as well as Germany and France also criticized the project – a stance, which is now confirmed by the decision of the finance ministers of the Block.

 

In a joint statement after the meeting the EU finance ministers said they will  consider common EU rules to regulate crypto related assets and digital coins like Libra, which can also be a part of a global regulation.

 

The ministers also congratulated the European Central Bank for its work on a public digital currency, which could be an alternative to emerging private coins like Libra.

 

Under global regulatory pressure about a quarter of the companies, initially backing Libra now have withdrawn from the project, VISA and MasterCard including.

 

In late October PayPal also said it is reviewing its participation in the Libra project, because it wants to “maintain positive relationships with regulators who have reservations about the project”. 

TAGS: EU finance ministers  Libra  Facebook  European Union 
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