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Fb faces EU grilling over Libra ‘cryptocurrency’ after shedding PayPal backing


As Fb offers with the lack of PayPal‘s backing for its ‘cryptocurrency‘ Libra, the tech big should now get able to reply EU regulators’ questions in regards to the potential dangers posed by the mission.

The European Fee has requested that Fb and the Libra Affiliation – the physique tasked with supervising the digital foreign money – reply questions referring to monetary stability, cash laundering, and knowledge privateness dangers.

Based on the Monetary Instances, which noticed the fee’s questionnaire final week, that is all half of EU monetary commissioner Valdis Dombrovskis’ efforts to asses whether or not tasks akin to Libra ought to be regulated within the EU, if new regulation is required, or whether or not the ‘cryptocurrency‘ ought to be allowed to function in any respect.

The information couldn’t come at a worse time for Fb, which has confronted rising scrutiny and opposition from regulators in current months.

Simply final month, Libra‘s founders had been topic to questioning by 26 central financial institution officers in what was the primary encounter between the know-how big and regulators.

Previous to that, in August, Brussels’ antitrust physique raised issues about Libra doubtlessly inflicting competitors restrictions.

Dropping PayPal is undoubtedly the largest blow for the mission up to now, however rumours about different companions, together with MasterCard and Visa, pulling out have been mounting for weeks.

So, it appears Libra‘s future is up within the air – once more.

Need extra Arduous Fork? Be part of us in Amsterdam on October 15-17 to debate blockchain and cryptocurrency with main specialists.

Printed October 7, 2019 — 09:07 UTC




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