The impact Libra has had on the world these past few months is astounding. Since the day of its announcement, regulatory bodies from across the world have been keen to dissect it and understand every inch of the stablecoin.
For Europe, the effect of Libra is just starting to get heated. The French Finance Minister Bruno Le Maire has suggested that Europe should get involved with crypto and launch it’s own digital asset. The Finance Minister’s announcement comes at a time when the EU politicians are becoming increasingly vocal about Libra and facebook as well as just cryptocurrencies.
During a meeting in Helsinki of EU finance ministers, Le Maire said that he would discuss the realism of a European public digital currency with his colleagues later in the year.
The Cardano founder and CEO of IOHK explained that a pan-EU digital currency would be a logical move for politicians in Europe.
“It would make a lot of sense to create a new type of central bank with a digital currency behind it because it just it’s just simply so much more useful. It also allows government better control and tuning over tax policy. So the fact that you could create a single digital European standard of European cash and all payments go digital and then you get high fidelity with your tax policy. It’s very attractive to politicians and it’s something they’d like.”
The stablecoin project from facebook is a big one which has led it to be under the spotlight consistently over the summer.
As reported by CoinTelegraph:
“Since their birth a decade ago, cryptocurrencies have been developed with the goal of one day replacing the current financial system. Although cryptocurrencies do not threaten sovereign states by virtue of their own existence, they do represent a financial system in which the state does not have sovereign control over all finances operating within its borders.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!