RATE Group | EU Can’t Decide What to do with Libra
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EU Can’t Decide What to do with Libra

20 Feb EU Can’t Decide What to do with Libra

Posted at 12:53h in Cryptocurrency News by

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Governments around the world are facing hard choices when it comes to cryptocurrency: overregulate it and risk losing the benefits to the economy, or do nothing and make themselves vulnerable to those who step up. Currently, the European Union can’t figure out what to do about Libra, the digital currency set to be released by Facebook in 2020. 

According to a Feb. 19 memo released by Executive Vice-President Dombrovskis on behalf of the European Commission, the Libra Association has fallen short in its responses to questions from the EU. As a result, any information provided by Facebook “remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing EU law.”

However, Dombrovskis also stated the Commission are “willing to act swiftly” when it comes to harnessing the potential of crypto by arranging regulations and oversight. Such a position reaffirms their Dec. 5 declaration to police stablecoins and monitor any risk to…

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