At a hearing this week, a congressman suggested that Facebook’s proposed Libra stablecoin should be classified as a security that should be regulated. Such a designation threatens the future of the social media giant’s foray into cryptocurrencies.
Facebook once again defended its Libra cryptocurrency, this time in front of a group of central bankers at a conference on the regulation of stablecoins held in Switzerland on September 16.
Facebook’s cryptocurrency will launch as early as June 2020, Libra Association head Bertrand Perez told a French newspaper on September 13.
Shortly after calling for a ban on Facebook’s Libra cryptocurrency, French Finance Minister Bruno Le Maire suggested the European Union should create its own digital currency.