EU will not authorize cryptocurrencies if it sees risk

The European Commission (EC) and European Union member states (EU) warned this Thursday (December 5, 2019) that they would not allow any stable cryptocurrencies, such as Facebook’s Libra initiative, to operate in community clubs until all risks All eliminated have been resolved.

“Until legal, regulatory and supervisory challenges and risks have been identified and adequately addressed, any form of globally stable cryptocurrency should not begin operating in the EU,” they said in a joint EU and council statement, bringing countries together.

So-called stable cryptocurrencies are digital assets designed to maintain prices without huge fluctuations, for example, by pegging them to the U.S. dollar. One of the main initiatives of this type is Libra, promoted by the social network Facebook, which has attracted a lot of attention in the European Union.

In the statement reached today, the committee and countries stressed that stablecoins “must not undermine the existing financial and monetary order or undermine the monetary sovereignty of the European Union.” (Britain)

EU will not authorize cryptocurrencies if it sees risk