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Crypto, Libra Stablecoin: EU Finance Commissioner Vows New Rules

October 8, 2019 at 10:32 AM | By Jit Sutradhar News

Valdis Dombrovskis, the commissioner for financial services in the European Union, said it intends to create a new regulatory framework for cryptocurrencies, particularly stablecoin Facebook Libra.

“Europe needs a common approach to crypto-assets like Libra. I intend to propose new legislation on this, “Dombrovskis told a confirmation hearing seeking reelection on Tuesday with EU policy makers.

Former Prime Minister of Latvia has been a Vice-President of the European Commission for the euro and social dialogue since 2014. It is one of the 28 commissioners of the European Commission from 2014 to 2019 and has been in charge of financial stability, financial services and capital markets within the EU.

Dombrovskis comment comes from the hand of an increasing level of control of the European Commission on the initiative cryptocurrency pound Facebook.

The Financial Times reported Monday that the commission last week sent a questionnaire to Facebook and Libra Association, asking them to address several questions regarding financial stability, reserve money and the particular risks associated with Libra.

According to the report, the questioning was part of an effort to Dombrovskis to examine how the EU should allow or cover initiatives encryption as Libra and whether the new laws will be in need. Dombrovskis was said indicated that there is a “strong will to act at EU level” when it comes to Libra.

Just last week, PayPal, one of the renowned members of the Association Libra, formally withdrew from the initiative led by Facebook.

EU image via Shutterstock

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