Copy link
Increase text size
Decrease text size
Link copied

EU finance commissioner Valdis Dombrovski commits to regulate cryptocurrencies, Facebook's Libra

Wed, 09 Oct 2019, 05:06 am UTC

European Union’s financial services commissioner Valdis Dombrovskis revealed his plans to create a new regulatory framework for cryptocurrencies, particularly Facebook’s Libra stablecoin.

Europe needs a common approach on crypto-assets such as Libra,” he told Union members at a confirmation hearing on Tuesday. “I intend to propose new legislation on this.”

The comments of Dombrovskis comes after the European Commission has scrutinized Facebook’s Libra. Last week, the Financial Times reported that it sent a questionnaire to Facebook and the Libra Association, asking them to address different questions on financial stability, money reserve, and private risks related to Libra.

The probe was reportedly a part of Dombrovski’s plan to determine how the EU should allow and regulate crypto initiatives such as Libra and if new laws are needed.

Earlier this month, the House of Representatives Financial Services Committee invited the social media giant’s CEO Mark Zuckerberg to testify on its highly ambitious Libra cryptocurrency project. In addition, both Germany and France have also threatened to block Libra as they see it poses a threat to the “monetary sovereignty” of governments.

The increasing backlashes Facebook is facing have also caused its major supporters to back out. The first to withdraw from the initiative is the digital payments giant PayPal.

Meanwhile, amid the growing tension, CoinFLEX decides to let Libra doubters place their bets on whether or not Libra will launch by the end of 2020.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,526.38 (-1.47%)
  • Ethereum (ETH) $236.09 (-2.65%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $242.58 (-3.00%)
  • Bitcoin SV (BSV) $194.95 (-2.80%)
  • Bitcoin (BTC) $9,526.38 (-1.47%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft