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V - Visa Inc News Story

$195.24 1.0  0.5%

Last Trade - 29/05/20

Large Cap
Market Cap £336.08bn
Enterprise Value £345.18bn
Revenue £19.39bn
Position in Universe 11th / 6363

UPDATE 1-EU agrees tough line on digital currencies like Facebook's Libra

Thu 5th December, 2019 12:30pm
(adds quotes, context)
    BRUSSELS, Dec 5 (Reuters) - Private digital currencies like
Facebook's  FB.O  Libra should not be allowed in the European
Union until the risks they could pose are clearly addressed, EU
finance ministers agreed on Thursday.
    The move confirms the bloc's tough line on Libra, which has
attracted criticism from global regulators over its possible
impact on the financial system since it was announced last June.
    "No global stablecoin arrangement should begin operation in
the European Union until the legal, regulatory and oversight
challenges and risks have been adequately identified and
addressed," the ministers said in a joint statement.
    Stablecoins are digital currencies, like Libra, that are
usually backed by traditional money and other securities, while
crypto coins like bitcoin are not. Both are cryptocurrencies.
    Under sustained pressure from regulators, a quarter of
Libra's original backers including payments giants Mastercard
 MA.N  and Visa  V.N  ditched the project in October. The exodus
left Facebook and 20 other members of the Geneva-based Libra
Association to forge ahead with the project, due for launch by
June next year.*:nL5N26Z437
    EU ministers said they could consider EU rules to regulate
crypto-assets and stablecoins as part of a global plan. 
    The EU commission is already working on this new regulation,
EU finance commissioner Valdis Dombrovskis told finance
ministers in a public session of their meeting in Brussels.
    Ministers also praised the European Central Bank's work on a
public digital currency, which could represent an alternative to
private initiatives.
    In a document presented to finance ministers, the ECB said a
public digital currency could be necessary if payments within
Europe remained too expensive*:nL8N28E583.
    Its possible adoption would be accelerated by signs of lower
cash usage, the ECB said, warning however that the impact of
such an initiative on the financial system could be very large,
and therefore would need to be assessed carefully.    

 (Reporting by Francesco Guarascio; additional reporting by
Thomas Wilson in London; Editing by Jon Boyle, Kirsten Donovan;
 ((; +32 2 287 68 17;))
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