The EU Takes a Hard Line Against Facebook’s Libra

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Private cryptocurrencies such as the Facebook Libra should not be allowed in the European Union until the risks they may entail have been clearly addressed, EU finance ministers decided on Thursday.

Libra
Libra

Their decision confirms the rigorous approach taken by Europeans to the emergence of the Facebook project and its risks as they relate to consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorist financing, market integrity, governance and legal certainty.

In a press release, European finance ministers also announced that they would examine the European rules governing these new currencies. They also support the work of the European Central Bank (ECB) on the creation of a digital public currency.

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