ERB Demands for Regulation on Libra
The social media giant, Facebook, has been receiving a significant amount of attention in recent months. The corporation announced last month that they’re creating a cryptocurrency called Libra. Ever since then, news headlines worldwide have been speaking about what this upcoming coin could mean. Many analysts believe this coin will create a dramatic flux in worldwide markets, with exchanges like LeapRate, imploring regulating bodies worldwide to regulate Project Libra. Luckily, there are government bodies worldwide that are demanding the project be halted. The most significant is the United States Democrats.
The European Central Bank is now hopping on board with the strict regulation of Libra. The executives behind the central bank are demanding regulatory oversights be placed onto Facebook and their new cryptocurrency. This information comes from the Bloomberg report.
A European Central Bank Executive Board Member, Benoit Coeur, spoke about the potential regulation of Libra by stating: “We financial regulators have to move more quickly than we’ve been able to do up until now. Financial institutions are to slow in adopting new digital technologies. All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise many questions and might make us improve the way we do things.”
Libra forcing new regulation standards
Facebook’s project libra is genuinely the first cryptocurrency to grab the attention of government officials and regulators. As such, a much-anticipated renovation of the regulation for digital currencies has begun. The popularity of Facebook & the companies lacking trust from worldwide consumers is forcing this new level of regulation on a global scale. Unfortunately, this will also result in other cryptos like Bitcoin or Ethereum to be affected by the upcoming regulation as well.