Tue, October 04, 2022

Facebook’s Libra Digital Coins Faces Regulators

Facebook, crypto industry and India

On Monday, 16th of September, global regulators questioned Facebook regarding its digital coin, Libra. The conference comes after the European Union demonstrated deep concerns about the Libra project and its consequence.

The European Union (EU) has indicated concern about Libra being a risk to the European banking and financial system.

The hearing was held in Basel on the 16th. Representatives from 26 central banks attended from all around the EU.

The delegates from the European Central Bank joined the U.S. Federal Reserve and the Bank of England and other member national banks in the session.

According to the officials tied directly to the event, the banks have also requested the founding members of Libra crypto to submit a statement as well.

Facebook has established the project in partnership with many different tech giants of the world.

In addition, a spokesperson from all the founding members was at the hearing too.

Libra Under Pressure

EU and its member nations have been particularly critical about Libra and Facebook’s plans.

Recently, Germany and France widely criticized Facebook’s cryptocurrency as a danger to their financial sovereignty.

Elsewhere, ever since the issuing of white paper for Libra, the crypto project has seen violent criticism.

The U.S. Congress demanded Facebook to stop all work on the digital coins within 24 hours after the publishing of the white paper. Moreover, representatives were a part of the hearing.

The U.S. Congress gave Libra the inaugural advertising it needed. After that, Libra suddenly became the talk of the town.

This was because after it has pushed cryptocurrency and the speculation surrounded the focus.

In August, the founding partner at BX3 Capital Kyle Asman indicated that “the fact cryptocurrency is being discussed in front of Congress is a huge step in the right direction for those of us who have worked so hard to make digital assets a legislative priority.”

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