Governments around the world are facing hard choices when it comes to cryptocurrency: overregulate it and risk losing the benefits to the economy, or do nothing and make themselves vulnerable to those who step up. Currently, the European Union can’t figure out what to do about Libra, the digital currency set to be released by Facebook (NASDAQ:) in 2020.
According to a Feb. 19 memo released by Executive Vice-President Dombrovskis on behalf of the European Commission, the Libra Association has fallen short in its responses to questions from the EU. As a result, any information provided by Facebook “remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing EU law.”
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Source: Cryptocurrency - investing.com
