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EU weighs need to impede Libra in blow to Facebook

EU governments reserve the right to “impede” digital currenc..

EU governments reserve the right to “impede” digital currencies like Facebooks Libra that have global reach and threaten “monetary sovereignty,” said a draft statement obtained by POLITICO.

Senior officials from the blocs finance ministries are considering the one-page document, which was drafted by the Finnish EU presidency with input from the European Commission. The national officials have until Wednesday to propose amendments.

Ministers are due to discuss the statement at an Ecofin Council meeting next week. They could then issue the text as formal “conclusions” in December, escalating political resistance to the Facebook-led initiative.

“Our common objective is to ensure that these initiatives do not undermine our existing financial and monetary order as well as our monetary sovereignty,” the document read. “All options should be on the table include the possibility to take measures that would impede the development of projects that would create unmanageable risks.”

France has led the charge for Europe to raise defenses against Libra, the proposed stablecoin, so called because it would underpin its value with a basket of conventional currencies. Facebook and its 20 fellow backers aim to introduce the instrumeRead More – Source

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