Libra is Officially Banned in the EU

The attitude of financial regulators from around the world to Libra was initially extremely negative, but just recently, EU finance ministers unanimously announced a ban on the use of stablecoins in the eurozone. Of course, this decision primarily concerns the cryptocurrency from Facebook.

“No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed,” – the joint statement says.

On the other hand, this statement tells about the possibility of creating certain conditions and rules to regulate stablecoins in the future. Such regulations are already under development.

Many EU countries are already working on creating their own digital currencies that will comply with all international rules.

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