PARIS, FRANCE - JUNE 18: In this photo illustration, a visual representation of a digital cryptocurrency coin sits on display in front of a Facebook logo on June 17, 2019 in Paris, France. Facebook will announce Tuesday, June 18 the details of its cryptocurrency, called " Libra ". Like bitcoin, the best-known virtual currency, it will rely on blockchain technology. This universal currency must allow its users to buy products or services from the Facebook universe, which also owns Messenger, Instagram and WhatsApp. It will also be possible to transfer "Libras" between individuals. Several companies like Visa, MasterCard, PayPal and Uber have already joined the consortium created by Facebook. (Photo by Chesnot/Getty Images)
The nominee to become the European Union’s next finance commissioner pledged on Tuesday to propose new rules to regulate crypto currencies such as Facebook’s Libra.
“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this,” Valdis Dombrovskis told EU lawmakers in his confirmation hearing.
Dombrovskis, who has been the bloc’s finance commissioner for the last five years and is seeking reappointment, said that in regulating virtual currencies, the EU should tackle “unfair competition, cybersecurity, and threats to financial stability”.
REUTERS
