EU Finance Ministers Place Defacto Ban on Libra

Libra’s ongoing organizational snags and run-ins with regulators continue into December, as EU finance ministers agreed Thursday that Libra cannot be launched in the EU until concerns are adequately addressed. The finance ministers issued a joint statement citing regulatory “challenges and risks.”

Also Read: Libra Testnet Fails to Impress as New Legislation Looms

Lawmakers Still Reluctant

Just last month news.Bitcoin.com reported on the “Managed Stablecoins are Securities Act of 2019,” proposed legislation in the U.S. which seeks to regulate libra as a security, going against Libra representatives’ stated vision for the project. Project head David Marcus has loosely compared Libra to something more like a Paypal-type payments platform. Though devs are reporting notable successes with the testnet, and a 2020 release is still in view, regulatory worries continue to crop up. Most recently, from EU finance ministers via the EU Council and…