EU countries reserve the right to ban Libra and Co.

No global digital currency should start in Europe as long as legal, regulatory and regulatory issues have not been resolved. This says a joint statement by the EU finance ministers and the EU Commission.

Global digital currencies such as Facebook’s Libra must face some resistance in Europe after a joint statement by the EU finance ministers and the EU Commission. All measures are on the table to prevent uncontrollable risks from certain global cryptocurrencies, it said in the text published in Brussels on Thursday.
No global digital currency should start in Europe as long as legal, regulatory and regulatory issues have not been resolved.

According to FacebookMessenger, Libra should initially be used primarily for money transfers across national borders, but over time it will also be used to pay for purchases. The idea is that Libra can be purchased with established currencies such as euros or US dollars.

 

Open question

Regulators and politicians see, among other things, open questions regarding measures against money laundering and terrorist financing. At the same time, however, they fear a possible destabilization of the established financial system if large amounts of money are exchanged in Libra and back. After the criticism, well-known partners from the financial sector, such as Mastercard, Visa and PayPal, withdrew from the Libra project.