Even so, this prompted a swift response from a number of nations, such as France and Germany, who quite a few months later, stated Libra posed significant risks to the economic technique and backed making a public different. The latest news from the EU seems to be backing the speculations as the European Union is reportedly urging the European Central Bank to issue a public digital currency.
"The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies including by considering concrete steps to this effect", said the draft, prepared by the Finnish EU presidency and subject to possible amendments.More news: Gizzi: Libertarian Candidate Cost Kentucky's GOP Governor Re-election
John McAfee, a controversial fugitive is now on an attacking spree towards Facebook's planned cryptocurrency Libra by terming it an "Abomination", he also states that the proposed cryptocurrency will give the CEO Mark Zuckerberg a never-before-seen control over its users. Purportedly, an official from the ECB has said that such a project would allow customers to use electronic cash, which is directly deposited at the bank and thus eliminating the need for bank accounts or financial intermediaries.
They are all needed now to process digital payments, but might no longer be if the European Central Bank took over their functions, slashing transaction costs. Citing privacy concerns for Facebook's 1.74 billion users across the globe.
Weil further commented that the Libra Association and its members are still positive irrespective of the recent high profile departures including Visa and MasterCard. Moreover, just like everyone else, Australian regulators are anxious about the money-laundering issues and terror financing that might come together with the proposed digital currency. However, apart from a consistent regulation for digital asset, it recommends a complete ban on potentially risky projects.More news: Alia Bhatt reveals this was her least favourite moment in showbiz
One of the chief concerns among politicians and regulatory bodies has been the fact that Facebook is the organization spearheading the digital currency initiative.
As per Markus Ferber, member of the EU Parliament since 1994, "the [EU] Commission has been way too complacent on the issue so far. With the threat of Libra on the horizon, it is time for action now".More news: China's Alipay, WeChat Pay open apps to foreigners visiting country