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The European Commission will monitor Facebook payment system

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The European Commission will monitor Facebook payment system
August 23
09:00 2019

The EU antitrust authorities take an interest in the Facebook cryptocurrency project Libra. The government authorities fear that the payment system could seriously limit competition in this segment.

The European Commission will also study the scenarios for integrating Libra into platforms such as WhatsApp, Facebook itself and its messenger.

Management and membership in the Libra Association will become the main subject of the regulator’s investigation.

A full launch of the Libra project is scheduled for next year. The cryptocurrency will be classified as a stablecoin. As this type of virtual currency is asset-backed, then the price is determined not only by supply and demand. This type was chosen by the project founders in order to make cryptocurrency less volatile and, therefore, more applicable for daily purchases.

The Libra Association was created to manage the cryptocurrency. 27 companies, including Facebook, as well as Visa, Uber, PayPal and others, are the members of the organization.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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