Cryptocurrencies
Libra Alarm Sounded in EU With Warning on High Bar for Approval
- ECB’s Coeure sees ‘very strong concerns’ on cryptocurrencies
- Facebook’s Libra has attracted scrutiny from EU regulators
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The European Central Bank warned Facebook Inc. that the bar for regulatory approval of its planned Libra project has been set very high as governments in the region express concerns about digital currencies.
The projects are wrought with risks, including a possible “race to the bottom” in terms of regulatory arbitrage, European Central Bank Executive Board Member Benoit Coeure warned. “There are very strong concerns,” he said in Helsinki on Friday, calling for a global approach to cryptocurrencies. “We’ve got to look very carefully at these projects, the bar for regulatory approval has been set very high.”