In a written responses to questions about Facebook’s Libra stablecoin, the European Commission highlighted that Libra cannot proceed in the EU until there is legal clarity and said Libra’s current legal status is unclear. The EC’s approach is likely to be regulation rather than a ban and it currently has a public consultation in advance of legislation.
The requirement for legal clarity was outlined in a statement on December 5 last year.
In November last year, a member of parliament representing Malta, Roberta Metsola, asked about a timeline for assessing the legal status of Libra, noting that the “the Commission stated that it was carrying out a preliminary assessment with the European Securities and Markets Authority and the European Banking Authority”. Metsola was not part of the 23 person group asking about banning Libra.
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