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Parliamentary questions
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28 October 2019
Question for written answer
to the Commission
Rule 138
Klemen Grošelj, Petras Auštrevičius, Emil Radev, Marie-Pierre Vedrenne, Theodoros Zagorakis, Olivier Chastel, Andrus Ansip, Dominique Riquet, José Gusmão, Romana Tomc, Sylvie Brunet, Martina Dlabajová, Pascal Durand, Stefan Berger, Martin Horwood, Alexandra Geese, Susana Solís Pérez, Valerie Hayer, Christophe Grudler, Frédérique Ries, Rasmus Andresen, Sirpa Pietikäinen, Laurence Farreng
 Subject: The potential risks of the Libra project

Libra, a cryptocurrency project initiated by Facebook, is expected to provide a new payment method outside traditional banking channels as of 2020, which will make the purchase of goods or sending of money as easy as sending an instant message. Unlike other cryptocurrencies, Libra also intends to build a currency reserve to ensure its stability.

This new currency is a worrying development as it could disrupt the global financial system, and make it more difficult for central banks to perform their duties. There is also concern because of Facebook’s poor reputation on the protection of personal data, and because of its huge number of users: nearly 2.7 billion individuals.

The Commission has initiated an investigation into potentially anti-competitive practices, and sent a letter to Facebook and the Libra association to determine potential risks.

What is the Commission’s opinion on the development of Libra at this stage? Does it represent a real threat to the currencies issued by central banks and the financial system, and will there be sufficient guarantees with regard to European legislation against money laundering?

Does the Commission intend to propose legislation to regulate this cryptocurrency, or will it simply ban Libra outright in the EU?

Original language of question: EL
Last updated: 22 November 2019Legal notice