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Javeria
Feb 20, 2020
by Javeria

European Union Ambiguous About Facebook’s Libra

Facebook Libra
Governments across the globe are experiencing a hard time making choices when it comes to crypto assets. If they do not react soon, it can prove vulnerable for their country, and if they overregulate it, they can risk losing benefits to the economy. As the launch of Facebook cryptocurrency libra is near, the European Union is finding it hard to figure out what to do about it.

A memo released on February 19th by the European Commission noted that Libra association has been not able to answer all the questions from the EU. The memo was released by Dombrovskis, the Executive Vice-President on behalf of the European Commission. Thus, the information provided by Libra so far is considered insufficient for determining the currency’s exact nature as well as its relation with current EU laws.

The Executive Vice-President further noted that the European Commission is all in to act swiftly for harnessing the potential of crypto and regulating it. The statement reaffirms their previous declaration which stated that the commission would police crypto and monitor its potential risk to the economy of the region.

Don’t Know If Libra Would Work: Mark Zuckerberg

Before the October 13th US House of Representatives Financial Services Committee, the CEO of Facebook, Mark Zuckerberg talked about Libra last year. At that time, the Lawmakers also displayed concerns for the vague answers by Zuckerberg regarding Libra as the European Commission now. He further said that he doesn’t know if Libra would work, but it’s essential to try new things.

Both European and United States Government is working for better understanding cryptocurrencies. The EU Commission has launched an open public consultation which would be made available by mid-march. In the United States, the Internal Revenue Service is working for a crypto summit that would be held on March 3rd.

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European Union Ambiguous About Facebook’s Libra
Javeria
Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

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