EU Might Issue Digital Currency In Response to Libra

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The European Central Bank (ECB) might issue a public digital currency, Reuters reported on Tuesday, citing a draft document. The move is meant to counteract the influence of Libra, the upcoming stable coin developed by Facebook. EU to Ban High-Risk Crypto Projects According to a draft text prepared by the Finnish EU presidency, the European Union might create a common regulatory framework aimed at cryptocurrencies and even ban projects regarded as “high-risk.” The first candidate in this category of perilous crypto projects is Libra. Facebook first unveiled its stable coin plan in June. However, the social media giant has faced opposition in many jurisdictions. France and Germany voiced prompt opposition to such a digital currency that could undermine the influence of the ECB. ECB to Issue Digital Currency Besides the common crypto regulation, the draft text hints to the creation of a digital currency that would have a legal base,…

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