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On Tuesday, October 8, Valdis Dombrovskis, who will remain as vice-president of the European Commission for financial regulation, said that Facebook’s proposed digital currency, Libra, would increase the size of the company responsible for financial regulation. He said that this poses a systemic risk to the euro.He is behind the global cryptocurrency-based payment network, according to wall street journal.
“Libra needs to be regulated and supervised at EU level, both in terms of financial stability and the protection of financial investors,” he told EU lawmakers.
“Financial stability, financial stability, anti-money laundering, these are just some aspects to consider,” Dombrovskis later added.
France and Germany called for Libra to be blocked in September, arguing that “no private entity can claim monetary power inherent in national sovereignty.”
Full content: wall street journal
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