Facebook's Libra cryptocurrency cannot be allowed to operate in Europe whil...
FILE PHOTO: Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration
The world’s largest social media network announced plans in June to launch the new currency as it expands into e-commerce but Libra has come under fire from regulators around the world who fear it could destabilize the global financial system. He also said he had been in touch with both the incoming and outgoing heads of the European Central Bank about setting up a “public digital currency” under the aegis of international financial institutions.
The Group of Seven advanced economies warned in July that it would not let Libra proceed until all regulatory concerns have been addressed, saying that a prolonged discussion over the project may first be required.
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