Less than 12 hours after it was announced, Facebook’s new libra cryptocurrency was already causing the kind of concern in European financial circles that even Bitcoin has not been able to generate.
A Texas state legislator and a French National Assembly deputy have both called for legal bans on anonymous cryptocurrencies recently.
The European Union began the new year with a new focus on the regulation of cryptocurrencies, with a pair of reports finding that neither EU banking nor securities laws are currently up to the task of overseeing these new financial assets.
Seven European Union member states including France, Spain, and Italy have signed a joint declaration committing them to promoting the use of blockchain technology in providing government services. Led by Malta, which has been positioning itself as the EU’s “Blockchain Island,” the seven Mediterranean nations on Dec. 4 announced their “forward-looking vision to make Southern Europe a leader on emerging technologies, such as Distributed Ledger Technologies,” another name for the blockchain technology underlying cryptocurrencies. “We believe that Distributed Ledger Technologies could be one of the instruments that can help our countries transform their economies and society into truly digital ones and become a leading region in this sector,” the declaration…