Five European countries want to ban Facebook Libra
The European Union continues to represent a tough obstacle for Libra, Facebook’s cryptocurrency project. According to recent reports, five EU member countries have met privately during the month of October and have come together to avoid the issue of this stablecoin. France is taking charge, while working together with Germany, Spain, Italy and The Netherlands.
Deputy finance ministers from each of the five countries have privately presented a case against the Libra in private October 28 meetings held in Brussels.
The European Commission considers such a radical solution to be problematic and does not yet fully understand how to justify this from a legal point of view. The agency is also concerned about possible damage to the image of jurisdiction.
As it became known, the coalition has already voiced the idea of banning Libra at the G7 meeting. Against any recommendations regarding stablecoins then expressed the head of the US Treasury Stephen Mnuchin. He preferred to simply outline the risks that such projects carry.
01 November, 2019 10:58
← German Banks argue for creating the "Digital Euro"
The Association of German Banks (Bankenverband) released a paper explicitly stating that the Eurozone economy will benefit from a programmable "digital euro". The paper states that the responsibility for the monetary system lies with sovereign nation-states.
31 October, 2019 15:09
Bank of Korea: Developed countries have little need for CBDCs →
Hong KyungSik, director of financial settlement at the central bank, argued that in Korea, as in most advanced economies, there is very little need for a CBDC. Central Bank will continue to look at blockchain-related technologies and monitor CBDC developments globally.
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