Daily Management Review

EU opposes Facebook's Libra


EU authorities have opposed use of the Facebook cryptocurrency.

Marco Verch via flickr
Marco Verch via flickr
EU finance ministers did not support use of stable-rate cryptocurrencies, the so-called stablecoins, in their countries. The reason was the lack of legislation and difficulties with regulation. According to Reuters, the first thing they are talking about is the Libra project from Facebook.

"It is impossible to launch any agreement on the use of stablecoin in the EU until legal, regulatory and supervisory problems are identified and resolved," the EU ministers noted.

Launch of the digital asset was planned for next year, but due to fierce resistance in almost all political and economic circles, it will have to be postponed or completely curtailed, experts say.

At the same time, Libra is rapidly losing supporters. Of the 28 companies that initially joined the project, seven have already left it, including mastodons such as MasterCard and Visa. 

source: reuters.com