Amidst the European Union (EU) regulatory campaign against major foreign tech giants, an official statement explains that EU regulations on Libra are not really possible due to a lack of information on the project.
The EU regulatory framework is targetting Facebook, Google, Twitter, among various other United States as well as China-based tech giants in a bid to promote European technology firms and associations.
Recently, the chief executive officer (CEO) of Facebook Mark Zuckerberg also met the EU regulatory committee in Brussells to discuss various possibilities but was unable to gain much success.
EU regulations on Libra: Questions raised
Facebook’s pet project for a stable coin Libra has been under the regulatory heat right from the inception of the Libra Association. While EU regulations on Libra is just one link in the long regulatory chain tieing the stable coin project.
The latest reply from the executive vice president of the European Commission, Valdis Dombrovskis, further explains that the regulatory framework is considering all active players in the tech industry; however, Libra is just a project in its hatching.
The information needed to ensure proper EU regulations on Libra still evade the commission. Dombrovskis furthers that a questionnaire has been sent to the association to ensure better regulatory measures. The reply reads;
…the Commission sent to the Libra Association a set of questions to get further details on the project.
On the other hand, Libra has been considered a possible risk in the official document; nevertheless, despite eluding the regulators at the moment. In the past, G7 countries, the United States Senate, and several other authorities have already raised various concerns regarding the stable coin project.
Featured Image by KDM
