EU Official Pledges to Bring in Regulations for Cryptocurrencies Such as Facebook’s Libra

Valdis Dombrovskis, a former prime minister of Latvia that could become the European Union’s next finance commissioner, has stated he plans to propose new cryptocurrency regulations.

According to Reuters, Dombrovskis told EU lawmakers at a hearing:

Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this.

Dombrovskis further said the European Union should tackle threats to financial stability, as well as cybersecurity and unfair competition. His words come shortly after Germany’s finance minister revealed he supports the launch of a digital euro, which would presumably be blockchain-based.

Last month, France’s Minister of the Economy and Finance, Bruno Le Maire, claimed the country will block the development of Facebook’s cryptocurrency Libra, and a spokesperson for Germany’s ruling party said the government would not “allow market-relevant private stablecoins” to exist in the country.

Notably earlier this year two major European regulator, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) called for a “common EU-wide approach” to cryptocurrency regulations to ensure investor protection.

Featured image via Pixabay.