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Alarmed by Libra, EU to look into issuing public digital currency

  • November 05, 2019

The European Central Bank should consider issuing a public digital currency, an EU draft document said, after plans by Facebook to introduce a private one met with a hostile response from global regulators.

The social media firm said in June it planned to launch its Libra digital currency next year.

In its current form, the document — which could be adopted by EU finance ministers next month — would escalate an EU regulatory campaign against cryptocurrencies, which have so far been only partly regulated in some EU states.

Digital currencies like Libra — also known as stablecoins — are usually backed by traditional money and other securities, while crypto coins like bitcoin are not.






Article source: http://www.dailystar.com.lb//Business/International/2019/Nov-05/495034-alarmed-by-libra-eu-to-look-into-issuing-public-digital-currency.ashx

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