European Commission sends questionnaire to Facebook and Libra Association

The European Commission sent a questionnaire regarding the Libra cryptocurrency to Facebook and the Libra Association – European authorities asked questions about its possible impact on financial stability, as well as the risks of money laundering with its help and violation of data privacy. The Financial Times wrote about a questionnaire sent out last week, CNBC said on Monday that the EU confirmed the sending of such a questionnaire.

Thus, the European Commission is trying to understand how to regulate a project such as Libra in the EU, and whether it is possible to approve the use of such a cryptocurrency in Europe in principle. European authorities want clarifications from Facebook and the Libra Association on how they will deal with the possibility of money laundering, tax evasion, etc. using Libra and how they will protect the privacy of user data.


Last Friday, amid growing criticism of cryptocurrencies, U.S. President Donald Trump and French Economy Minister Bruno Le Maire already spoke out against Libra, US and EU regulators are checking its possible market influence – PayPal payment service has left the Libra launch project.

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