{"id":393753,"date":"2019-08-20T22:00:12","date_gmt":"2019-08-20T22:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=393753"},"modified":"2020-10-07T11:27:07","modified_gmt":"2020-10-07T11:27:07","slug":"eu-antitrust-cryptocurrency","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/eu-antitrust-cryptocurrency\/","title":{"rendered":"EU Antitrust Regulators Scrutinise Facebook’s “Cryptocurrency” Project"},"content":{"rendered":"

Facebook’s Libra<\/a> project has been questioned by European<\/a> Union anti-trust regulators. They are concerned about the project, popularly referred to as a cryptocurrency, restricting competition.<\/p>\n

Libra has been subject to immense scrutiny already from global policy and law makers. In fact, the company recently admitted that the regulatory pressure might force it to postpone or even cancel the project altogether.<\/p>\n

Facebook’s “Cryptocurrency” Ambitions Draw Yet More Regulatory Attention<\/h2>\n

Almost as soon as the social networking giant Facebook announced its plans to move into the cryptocurrency space with Libra, the idea was met with hostility from global regulators.<\/p>\n

Policy makers from France, the EU, the US, and elsewhere cited a hefty list of concerns about the cryptocurrency-like project. Even United States President Donald Trump<\/a> weighed in on the subject, stating that the company would have to apply for licences if it wanted to offer banking services, just like any other financial institution does. He also stated that Libra would never pose a challenge to the might of the US dollar:<\/p>\n

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….Similarly, Facebook Libra\u2019s \u201cvirtual currency\u201d will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…<\/p>\n

— Donald J. Trump (@realDonaldTrump) July 12, 2019<\/a><\/p><\/blockquote>\n