representatives of the strongest economic countries in the Eurozone to discuss a ban on Facebook’s Libra. According to a report from Politico Europe, of the 30. October has been published. The France-led coalition is pushing ahead with the ban on the crypto-currency in Brussels. Meanwhile, the Bank plans Association, the introduction of a counter-weight to the Libra: The digital Euro. Is this the end for Facebook’s crypto-currency?
Moritz wire
31. October 2019BTC$9.146,73 -0.51%part Facebook Twitter LinkedIn xing mail
The five largest economies of the Eurozone, France, Germany, Italy, Spain and the Netherlands economies work together, according to the news magazine Politico, in order to prevent the Start of the Facebook-planned crypto-currency in the next year. As Politico reported, the Deputy Minister of Finance of the countries of their unified Position against Libra other EU Ministers at a private Meeting on the 28. October in Brussels presented.
A joint Veto against the introduction of Libra in Europe increases the pressure on Facebook and the companies involved. Mastercard, Visa and PayPal have already given their resignation from the project. According to Politico, the officials are working on a statement which will be published in December. It States that Libra will not be allowed, as long as the EU cannot regulate the currency. According to the Politico will also advise on a complete ban on the currency. This could mean the end for Facebook’s currency.
The European Commission cannot prohibit Libra, however, without a legal basis. Previously, Brussels needs a clear legal and needed more information about the regulations that apply to digital currencies, such as the Libra.
A complete ban of Facebook-currency could also constitute a Problem for the Commission. Because a Veto could have a negative impact on the EU as a location for the development of new technologies and services. Commission officials are urging tions, therefore, beware of too strict Regula.
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France, Germany and Italy had already been proposed at the G7 summit in mid-October, the idea of a ban of Libra, after the Finance Minister had discussed the risks in connection with the Stable Coin. Facebook responded with the announcement that instead of a currency, the more Stable Coins to introduce.
for Libra, the digital Euro?
The Bank Association has at 30. In October, a position paper presented in the arguments a number of arguments for the introduction of a digital Euros. The Bank Association, which represents more than 200 private commercial banks and eleven member associations, explains in the paper that the economy is in need of a programmable digital Euro.
in Addition, the private banks argue for the introduction of a „common Europe payment platform“ of the crypto from broad-based to Euros. For this purpose, a „single Supervisory the creation of a legal and regulatory framework“.
For Andreas Krautscheid, Director General of the Federal Association of German banks e. V., should be the responsibility for the monetary and currency regulation in sovereign States and Central banks. On the introduction of a digital Euros Krautscheid:
A digital programmable Euro says has the potential to pay for our economic processes, but also the way we are and change how we store the values, and fundamentally. Even more important is to achieve a social consensus about how programming can be integrated adjustable digital money in the existing financial systems.
The introduction of a digital Euros could be a further nail in the coffin for the Libra project. Whether Facebook holds so much against the wind at the crypto-currency, is questionable. Currently, Facebook’s strategy seems to be the standing Pose of the Justitia shall be liable to Orient to.
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