EU's competition commissioner Margaret Vestager has reportedly launched the review of the Libra cryptocurrency project run by Facebook citing the risk of its anticompetitive nature.
The representative of the European Commission stated that if the Libra gets the green light, it can summon a separate economic environment affecting those who do not use cryptos.
During the investigation, the authority plans to clarify whether the social network giant Facebook is going to become the marketplace for 3-rd party products and services.
Notably, Margaret Vestager highlighted that this is the first time when they have to review something that does not exist.
Along with the EU authority, the central banks of the EU-members will start considering risks to the financial stability that the project can bring.
At the same time, the US Federal Reserve's consulting unit comprising heads of 12 American banks is concerned with the fact that Facebook works on shadow banking. In particular, it was mentioned that the possible risks include deposit outflow and lower paments.
The officials of the EU countries keep getting more concerned about the Libra crypto project. For example, the German government has already approved the plan for fighting against different private stable coins, including Libra.