The Economic and Financial Committee (EFC), which brings together the EU’s member states, has requested an analysis note from the European Commission to further look into the risks posed by Facebook’s controversial digital currency Libra and the ways to regulate it.
The document will be sent to the capitals this week, ahead of the next EFC meeting on Friday (6 September), when the issue is going to be discussed by the national governments’ envoys.
Regulators and decision-makers are trying to see whether Libra could be categorised as a virtual currency, a financial instrument or e-money.
As a result, the digital asset would be regulated under the Markets in Financial Instruments Directive (MiFID II), the Anti-Money Laundering directives, or could fall under a dedicated regime adjusted to its own features. [...]
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