European regulators are already pressing #facebook about its cryptocurrency
June 18, 2019 | Uncategorized
As Facebook unveiled its cryptocurrency project today, European officials quickly called for scrutiny of the plan, raising concerns over whether the project was sufficiently regulated.
According to comments reported by Bloomberg, French Finance Minister Bruno Le Maire said Facebook’s cryptocurrency, called Libra, must not “become a sovereign currency.”
“It can’t and it must not happen,” he told Europe 1 radio. Le Maire reportedly called for G7 banking officials to issue a report on Facebook’s plan next month.
A German member of the European Parliament expressed similar concerns, according to Bloomberg, saying Facebook was at risk of becoming a “shadow bank” and that companies “must not be allowed…
