The European Commission is afraid of “Libra” the Facebook Coin

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LibraCoin returns as a topic in the main media. All thanks to the actions of regulatory authorities for counteracting monopolistic practices in the European Commission, which sent a special questionnaire, thanks to which they want to determine whether LibraCoin is an anti-competitive project.

The information was provided to the public by Bloomberg. According to a portal article, the Commission sent the questionnaire in August and is trying to determine whether other market players will be able to compete with Libra. In the eyes of the EU authorities, LibraCoin is a dangerous project in the field of information exchange and use of consumer data.

Regulatory authorities also want to see how the Facebook currency can work based on applications such as WhatsApp and Messenger on Facebook.

According to a spokesperson for the financial services department, the commission “monitors the market development in the field of cryptographic assets and payment services, including Libra and its development

LibraCoin will collapse before being created?

On the Facebook project, black clouds appeared actually on the first day, as soon as the giant announced its plans. The first statements – e.g. of the Governor of the Bank of England – were still conservative and suggested that Libra should be looked at first, and not deleted immediately.

Then it was worse. Congressional hearings showed how influential politicians are hostile to the project. The candidate for US President of Democrats – Maxime Waters – has even prepared a bill that would prohibit money transfers using social networking sites. Experts from the International Monetary Fund, the Bank for International Settlements and the Financial Stability Board spoke negatively about LibraCoin.

All this meant that Facebook has already suggested that it may not emit its e-currency at all. Some suggest, however, that this is deliberate action and the company is just waiting for a better moment to enter the market.

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