The EU recommends that the European Central Bank, the introduction of a private crypto-currency to check. This is the current EU design. By Facebook Libra project, the Minister of Finance are increasingly under pressure to act.
Moritz wire
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From a current EU draft, the European checks Central Bank, the introduction of a digital currency. The the news magazine Reuters, which refers to an excerpt of the draft, on 5 has. November reports. In the draft, over the next month will be voted on, will be prompted the financial authorities to agree on regulations for Cryptocurrencies.
the aspirations of The EU’s own digital currency-planned crypto-currency, Libra will introduce through Facebook’s promoted. The Finance Ministers of the countries to be feared by Facebook’s digital currency to a weakening of the financial sovereignty. Therefore, they are currently developing Alternatives, in order to stabilize the financial sector.
The draft stipulates that the EU should develop a common crypto-project. The serving of regulating a digital currency, and could reduce the risk of the currencies of other Crypto.
In the draft that could be adopted in the coming month, the EU Finance Ministers, it is called:
The ECB and other EU Central banks could explore the opportunities and challenges the issue of digital currencies, the Central banks in a sensible way, by dragging the concrete steps in this direction in consideration.
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ECB Executive Board member Benoît Cœuré has expressed in the past month, the European is pushing the Central Bank’s plans for its own digital currency. The project is to enable consumers use of electronic money, which is paid directly at the ECB, and no additional banks or financial intermediaries requires. Since this leads to lower transaction costs may be, is expected to have a significant resistance from the banks. Whether the Central Bank will enforce against the private banks, is questionable. At least you of current political support of the EU.
The potentially large range of Libra, which reaches billions of Facebook users, has awakened the regulators. The G7 countries have recently initiated a joint Veto on stablecoins and are calling for stricter regulations.
in Addition, it has submitted to the Association of German banks recently, a position paper, in which they put forward several arguments for the introduction of a digital Euros and against Libra Express.
Meanwhile, Facebook from Libra tries to save the project, what is to be saved. After Visa, PayPal and Mastercard have announced their withdrawal from the project, is umgeschwungen of the group and is currently planning the introduction of a number of Stablecoins.
More:
According to Libra: Facebook payment system, Facebook Pay leads a BIZ appoints Libra-critic Benoît Cœuré as Chairman of its new FinTech-Department of regulatory ECHO: Stormy times for Libra #Eu#ECB#Libra
