EU big shot: We need to regulate Facebook’s cryptocurrency libra quickly
Facebook’s upcoming cryptocurrency libra has had some eventful weeks since the social media giant revealed next year’s launch.
Will be quick to regulate
Now comes another setback for Facebook. Benoit Coeure, a member of the European Central Bank’s Executive Committee, says European countries must be quick to regulate libra.
“It’s out of the question to allow them to develop in a regulatory void for their financial service activities”, says Benoit Coeure according to Bloomberg.
In the United States, Congress has asked Facebook to pause the development of libra. The question is whether this should be seen as a similar call.
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