As crypto assets like Facebook's Libra may threaten the financial stability, they should be regulated in the European Union, Valdis Dombrovskis, the incoming European Commission Executive Vice-President responsible for the finance affairs of the Block, told lawmakers in the European Parliament.
Dombrovskis pointed out that the EU is currently working on a regulatory framework forcrypto assets, adding that the impact of these virtual coins should be examined on a series of areas including financial stability, monetary stability, data protection and anti-money laundering.
"We will need to regulate Libra to supervise it on EU level both from the point of financial stability and protection of investors as well," Dombrovskis said.
Dombrovskis pointed out that the EU is currently working on a regulatory framework forcrypto assets, adding that the impact of these virtual coins should be examined on a series of areas including financial stability, monetary stability, data protection and anti-money laundering.
"We will need to regulate Libra to supervise it on EU level both from the point of financial stability and protection of investors as well," Dombrovskis said.
