EU Finance Ministers Will Discuss New Regulatory Draft For Libra

EU Finance ministers this Friday might discuss a new draft that urges the Union to develop a common approach to the cryptocurrencies with the possibility to ban projects that are deemed as high risk. Also, it states that the ECB should consider issuing a public digital currency according to the latest reports that we have in our Libra news today.

The reports show that the document was prepared by the Finnish EU presidency, which will be subject to possible amendments that could escalate the EU regulatory campaign against cryptocurrencies. So far, the cryptocurrencies have been regulated in some EU states according to the documents and this is why with the latest draft, they could be adopted by EU Finance ministers in December:

“The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies including by considering concrete steps to this effect.’’

The agency also stated that an ECB official believes that in its most ambitious version, the crypto project could allow consumers to use electronic cash which would be deposited at the European Central Bank without the need for bank accounts and financial intermediaries. While the central banks realize that they cannot ignore crypto, the digital fiats any more, Facebook’s Libra is facing some serious resistance in the EU.
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The French Finance Minister Bruno Le Maire, said in September that because of the systemic financial risks and sovereignty risks, the potential of market dominance abuse, we cannot authorize the development of Libra on European soil. In October, the Group of Seven (G7) instructed the members to compete with cryptocurrencies and stablecoins by improving the current financial system and consider issuing digital fiats.

Also, regarding the hearing of Facebook’s Libra, Congress seems to hate Libra even after the announcement which came from Zuckerberg himself. The Facebook CEO and his opening remarks were published on October 22, when he committed to Facebook not launching Libra anywhere in the world without all the appropriate US regulators. During his line of questions, the congressman asked what Facebook response would be if the Libra Association insists on launching without the American regulatory approach. Zuckerberg was confident and said, “Then I believe that we would be forced to leave the association.”