EU big shot: We need to regulate Facebook’s cryptocurrency libra quickly

EU big shot: We need to regulate Facebook’s cryptocurrency libra

Image source: Shutterstock / Wikimedia Commons

Teodor Stig-Matz

teodor.matz@trijo.co

The question is whether this should be seen as a call for Facebook to pause libra until regulations are in place.

Facebook’s upcoming cryptocurrency libra has had some eventful weeks since the social media giant revealed next year’s launch.

Libra has met both criticism and praise from the crypto world, and several of Facebook’s partners are uncertain about the venture.

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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