EU finance ministers have decided to bloc Facebook Libra or any other stablecoin (cryptocurrencies tied to conventional currency reserves or physical goods), Reuters reported.
Following the meeting, they came to the conclusion that it is still impossible to say what risks the emergence of a new means of payment carries.
Ministers also noted the need to develop special laws that will regulate the circulation of cryptocurrencies in the EU. The EU commission is already working on this new regulation, EU finance commissioner Valdis Dombrovskis told finance ministers in a public session of their meeting in Brussels.
Ministers also praised the European Central Bank’s work on a public digital currency, which could represent an alternative to private initiatives.
Facebook Libra is due to be launched next June. Cryptocurrency prospects worsened after Mastercard and Visa left the project in October, but the rest of the participants announced their determination to continue the project.