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EU Commissioner Dombrovskis calls for a clear legislation for crypto-currencies

On Tuesday, 8. October, has presented to Valdis Dombrovskis to the EU Parliament in Brussels its proposals for the regulation of crypto-currencies. The countrie

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EU Commissioner Dombrovskis calls for a clear legislation for crypto-currencies

On Tuesday, 8. October, has presented to Valdis Dombrovskis to the EU Parliament in Brussels its proposals for the regulation of crypto-currencies. The countries should establish a clear legal framework for digital currencies. The EU Commissioner in response to the recent developments of Facebook-currency of Libra.

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France and Germany worry that Facebook's planned crypto-currency, the Libra could be the financial sovereignty of the countries is undermined. Users of Facebook could access with the introduction of the digital currency to the immense infrastructure of the platform. This Libra is one of the most promising projects in the crypto-world and represents a major challenge for policy-makers.

Against the Background of recent developments of crypto-currencies, in particular the Facebook Libra, has made EU Commissioner Valdis Dombrovskis of his claims. In front of the EU Parliament Dombrovskis:

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Europe needs a common approach to crypto-Assets, such as Libra. I intend new legislation to propose in this area.

in addition, he demanded that the EU should act for the regulation of digital currencies "unfair competition, cyber security and threats to financial stability".

Currently, the EU has no specific legal situation for crypto-currencies. The increasing importance of digital currencies had been ignored by most decision-makers in the past. Due to Facebook's announcement, however, want to introduce their own currency, is encountered, the cryptographic topic of a broad public interest. Therefore, Dombrovskis see a need for political action. Otherwise, there would be a risk that the member States lose in the future, the control over the financial policy.

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Facebook's plans for a rethinking of the policy and their dealing with crypto-currencies have triggered. The EU is now urging the G20 to the international regulations for digital currencies.

Although the Facebook currency is not yet in operation, said Dombrovskis, that the Libra project for the financial stability could be due to its potential application possibilities of risks. In Europe, millions of would be users of Facebook able to use the digital currency. Therefore, there is on the part of the policy is a clear need for Regulation.

For the former Prime Minister of Latvia is therefore crucial that the new rules should be on the defense of financial stability, consumer protection and combat the risks of money laundering through crypto-Assets focus.

Dombrovskis claims are evidence of a u-turn. In his role as EU Commissioner, he has used so far against the regulation of digital currencies. Despite a series of Bank scandals in his home country of Latvia, as well as in other EU countries has been Dombrovskis against regulatory measures. Now the EU need to rethink their mechanisms to combat financial crime.

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