Paul Schulte, Advisor, Banking and Financial Services
August 22nd, 2019
Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore. Paul's roles[...]
Facebook faces EU grilling over Libra ‘cryptocurrency’ after losing PayPal backing
TNW Hard Fork | Yessi Bello Perez | Oct 7, 2019
As Facebook deals with the loss of PayPal‘s backing for its ‘cryptocurrency‘ Libra, the tech giant must now get ready to answer EU regulators’ questions about the potential risks posed by the project.
The European Commission has requested that Facebook and the Libra Association – the body tasked with supervising the digital currency – answer questions relating to financial stability, money laundering, and data privacy risks.
According to the Financial Times, which saw the commission’s questionnaire last week, this is all part of EU financial commissioner Valdis Dombrovskis’ efforts to asses whether projects such as Libra should be regulated in the EU, if new regulation is required, or whether the ‘cryptocurrency‘ should be allowed to operate at all.
See:
-
Libra: France opposes the development of Facebook’s currency “on European soil”
-
News on China cryptocurrency and more reforms
-
Competition Bureau’s call for intel on anti-competitive conduct in digital economy raises eyebrows
The news couldn’t come at a worse time for Facebook, which has faced increasing scrutiny and opposition from regulators in recent months.
Just last month, Libra‘s founders were subject to questioning by 26 central bank officials in what was the first encounter between the technology giant and regulators.
Prior to that, in August, Brussels’ antitrust body raised concerns about Libra potentially causing competition restrictions.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
ATTEND ONE OR ALL 8 WEEKLY FFCON20 SESSIONS! |
Related Posts
Libra: France opposes the development of Facebook’s currency “on European soil”
Recession gatecrashes Hong Kong’s fintech party | SFC outlines VATP regulatory framework and China’s digital currency
Facebook’s Libra Cryptocurrency: Everything We Know
Even Facebook’s Libra can’t escape the fintech establishment
Facebook Weighs Libra Revamp to Address Regulatory Concerns
Perspective: The Woes of Crypto Licensing Across Europe
