Five EU nations are set to team up to block Libra

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According to reports from Politico, five EU nations are looking to block Facebook’s planned cryptocurrency Libra.

The nations include Germany, Italy, Spain and the Netherlands and of course France.

Citing sources familiar with the matter, Politico have reported that the countries’ deputy finance ministers have presented their unified position against Libra to other EU ministers at a private meeting on October 28 in Brussels.

The nations intend to stop Libra from launching in Europe as well as increase pressure on the members of the Libra Foundation to give up on the stablecoin.

Apparently the block are working on a statement which could come out in December and it may say that Libra cannot come out unless the EU can regulate it.

This is a blow for Libra and after the day started so well with the Bank of Canada not being completely opposed to the idea.

 

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