EU REGULATORS TARGET LIBRA

Weeks after various jurisdictions around the world expressed concerns over Facebook’s Libra project, it is now the turn of EU authorities to push back against the social media giant’s plans.

According to Reuters, EU antitrust regulators could be looking to formally investigate Facebook’s Libra cryptocurrency in the near future. The regulators have reportedly sought feedback from Facebook’s partners in the cryptocurrency project.

Though the report did not indicate which of Facebook’s partners have received the questionnaires, the founding members of the Libra Association include Stripe, PayPal, Visa, and Mastercard.

With all the pushback that Facebook has been receiving, including from the U.S. Congress, it is not too farfetched to question whether Facebook might be better off throwing in the towel and staying out of financial services.

Reference: https://www.ccn.com/eu-regulators-target-libra-is-crypto-project-worth-facebooks-effort/

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