Security
Will the EU Compete with Libra or Regulate it?
Europe’s concerns over Facebook’s planned stablecoin Libra continue, but it’s what actions the EU will eventually take that’s open for debate.
Reuters reporting on November 5, revealed that the EU could be seriously considering launching its own public digital currency. But, reporting a day later by CoinDesk, citing sources in the know, points to the EU looking instead to regulate cryptocurrencies.
An EU draft document, obtained by Reuters, suggests the European Central Bank (ECB) may be thinking about issuing its own digital currency. The report also says a common approach to cryptocurrencies is needed with the possibility of banning high-risk projects.
The draft was prepared by the Finnish EU presidency, as per Reuters, and may be adopted formally by European finance ministers during their next meeting on December 5. It could be amended beforehand and could also trigger formal EU regulation on cryptocurrencies. It says:
“The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies, including by considering concrete steps to this effect.”
Both France and Germany have openly expressed concerns over Libra’s risks to financial markets and systems and support the development of a public, European, alternative. Benoit Coeure, an ECB board member, said in September that the central bank should “step up” its thinking towards this goal.
After the draft’s revelation, an unnamed source reportedly told CoinDesk that the EU is not being urged to a develop cryptocurrency of its own. The source said:
“This is a rather short declaration that is about the EU position on how to handle those new types of cryptocurrencies.”
And, the source said, “the focus is on how those cryptocurrencies should be regulated.”
The CoinDesk source confirmed they were unaware of what any declaration’s final contents might be but also said “there’s absolutely no commitment at this stage to put in place a new cryptocurrency,” adding:
“The statement is to highlight the need for a proper regulatory framework for those stablecoins, and as a consequence, different ideas should be explored. One of them is the possibility of having something that is managed by the ECB [European Central Bank] and other central banks.”
The draft document now looks set to be finalised on November 8 before being presented to EU finance ministers and then culminating in the final declaration on December 5.
A technical analysis and comprehensive update on Facebook’s Libra project can be found here.
I’ve read several good stuff here. Definitely worth bookmarking for revisiting. I surprise how much effort you put to create this kind of magnificent informative website.
We absolutely love your blog and find most of your post’s to be exactly I’m looking for. Do you offer guest writers to write content for you? I wouldn’t mind composing a post or elaborating on many of the subjects you write with regards to here. Again, awesome web site!
Drug information leaflet. Cautions.
nexium
Actual trends of pills. Read here.
hi!,I love your writing so so much! proportion we be in contact extra about your article on AOL? I require an expert on this area to unravel my problem. May be that’s you! Taking a look forward to see you.
Terrific article! That is the kind of information that should be shared across the net. Shame on Google for no longer positioning this publish upper! Come on over and visit my website . Thank you =)|
Interesting article. It’s very unfortunate that over the last 10 years, the travel industry has already been able to to tackle terrorism, SARS, tsunamis, influenza, swine flu, plus the first ever real global downturn. Through everthing the industry has really proven to be sturdy, resilient and also dynamic, discovering new methods to deal with misfortune. There are usually fresh issues and chance to which the industry must just as before adapt and answer.
Fantastic goods from you, man. I have understand your stuff previous to and you are just extremely magnificent. I really like what you’ve acquired here, certainly like what you’re saying and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I can’t wait to read much more from you. This is actually a tremendous site.
Meds information. What side effects can this medication cause?
zoloft
Some what you want to know about medication. Read now.
I am constantly thought about this, regards for putting up.
This blog is definitely rather handy since I’m at the moment creating an internet floral website – although I am only starting out therefore it’s really fairly small, nothing like this site. Can link to a few of the posts here as they are quite. Thanks much. Zoey Olsen