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Home / Business / Global regulators questioning Facebook's weight amid EU concerns: paper

Global regulators questioning Facebook's weight amid EU concerns: paper



Global regulators will question Facebook on Monday about Libra cryptocurrency, amid concerns from EU governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday.

  FILE PHOTO: The weight logo in illustration image

FILE PHOTO: Small toy figures are seen on virtual currency representations in front of the Weight logo in this illustration image, June 21, 2019. REUTERS / Dado Ruvic / File Photo

REUTERS: Global regulators will question Facebook on Monday about Libra cryptocurrency, amid concerns from EU governments over the threat the digital currency poses to financial stability, the Financial Times reported Sunday.

Officials from 26 central banks, including the US central bank and the Bank of England, will meet with representatives of the Libra in Basel on Monday, the FT reports https://on.ft.co m / 2NhhLMm, citing officials.

Vader's founders are also invited to answer key questions about the currency's scope and design, FT said.

Facebook did not immediately respond to Reuters request for comment outside of normal business hours.

Countries including France and Germany have publicly criticized the social media giant's Libra project, saying it poses a risk to the sovereignty of EU states.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Himani Sarkar)


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