Vice-President of the European Commission: “There are not enough details to regulate Libra”

Vice President of the European Commission Valdis Dombrovskis said that EU regulators cannotdetermine the rules for Libra stablecoin, as the project is still developing.

As Dombrovskis notes, regulatory hesitancy stems from a lack of practical information. In particular, he said, the Libra stablecoin concept “lacks detail.”

Despite repeated requests for additionalFor information from the Libra Association on the payment ecosystem and stablecoin, the European Commission has not yet been able to come to an unambiguous decision on the regulation of Libra.

“Because Libra is a developing project and,therefore, it may change, the information provided is not enough to determine the exact nature of stablecoin and its relationship with existing EU legislation, ”he said.

Dombrovskis also noted that the Commission wants to “act quickly” in creating rules for Libra, stablecoins and other projects related to crypto assets operating in the EU.

Previously, a similar statement was made by the EuropeanCommission and European Council in December. Then regulators opposed the use of stablecoins in the European Union until regulation was developed.

In connection with the development of Libra, regulators around the world began to think about countermeasures and regulation of stablecoin, as well as the issue of their own cryptocurrencies.

So, the chairman of the governing councilFederal Reserve Jerome Powell said that the Fed is actively working to create a “digital dollar,” and that the announcement of Libra was the impetus for the work to begin.

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