The European Union took up arms against the Zuckerberg cryptocurrency

The European Union took up arms against the Zuckerberg cryptocurrency

The European Union saw the risks of the emergence of a “new, completely separate economy” after the launch of the Libra cryptocurrency from Facebook, writes Bloomberg.

The EU Antitrust Authority has launched an investigation into Libra, said European Commissioner for Competition Margaret Westager in an interview with the Danish industrial union.

“We want to be proactive in order to understand whether [Libra] will become a problem,” Westager quoted the interviewer as saying to Bloomberg.

  • The European Commissioner intends to find out how much Facebook with the launch of its cryptocurrency intends to become a commercial platform.
  • Westager fears that Libra will put at a disadvantage those who will not use it.
  • The competition authority is also interested in the consequences of launching cryptocurrency on Facebook itself.

How is Libra different from other cryptocurrencies? Facebook founder Mark Zuckerberg revealed cryptocurrency details in June 2019.

  • Libra transactions will be held using blockchain technology, but cryptocurrency will be supported by a basket of traditional currencies, which, according to Facebook, will provide Libra some stability.
  • Libra can be bought for any currency, it can be paid on the Internet and in ordinary stores.
  • 28 companies are founding member of the Libra project, including Visa, MasterCard and PayPal payment systems, as well as Uber, Lyft and Spotify services.
  • Each of the companies paid $ 10 million for Facebook to participate in Libra. This money gives one company access to one Libra network node.

Facebook expects to launch cryptocurrency in the first half of 2020. Prior to this, the company will conduct closed testing of Libra.

Via | Bloomberg

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Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com