The proposed EU crypto market regulation will raise many compliance obstacles for the next Libra-like project seeking to operate in Europe.
Talk of CBDCs and Facebook’s Libra headlined this week’s policy news, as international organizations weigh in on both.
Timothy Lane says the central bank is developing a CBDC at “a good pace.”
Finance officials never once named libra. But they didn’t have to; the proposed stablecoin’s shadow still looms large.
“No global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements.”
Finance ministers from five European countries have called on the EU Commission to introduce tough regulation for stablecoins.
In the EU, getting laws right on Libra could be the best way to speed up a digital euro from the European Central Bank.
There are multiple ways to approach digital payments, and Facebook wants to cover them all.
Marcus will continue running Libra’s Novi digital wallet as he takes on Facebook Financial.
COVID-19 proved the need for FedNow, even though the U.S. central bank admits the service is still years away.