Team Sociating
by on October 17, 2019

Global financial regulators are not preparing to block the cryptocurrency of Facebook or other related currencies, says Benoît Coeuré (1), president of the ECB, Thursday. Libra and other crypto coins, however, must comply with the "highest legal requirements," he says.

It is a surprisingly positive statement about Libra that is being targeted all over the world. From the beginning, Facebook proposals have been raised by regulators and lawmakers since different countries. Since its announcement in June, the ECB has also been dismissive of the currency, and France also said it would ban the introduction of the currency.

Among other issues, the worries are the lack of regulation if Instagram, Facebook and WhatsApp's 2.4 billion users will start using the crypto currency in one go. However, there are hidden dangers of confidentiality and money laundering, and concerns of financial stability and the weakening of daily currencies.

A consortium of 28 firms launched Libra in June, seven of which have since withdrawn as a result of the dispute, including PayPal, Visa and MasterCard. Facebook said yesterday that for the launch of the currency, the so-called Libra nobadwords ociation will still easily get a hundred members.

This is likely to take place later than June 2020, according to Facebook, due to the regulatory negotiations, for which the launch was originally planned (2).

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