The European Commission is developing new methods for monitoring and controlling cryptocurrencies

The European Commission is looking for new methods of controlling electronic cryptocurrencies that will help reduce the risks of its negative impact on the economies in Europe.

According to Valdis Dombrovskis, who is the deputy head of the European Commission on Euro issues, the European Commission is developing completely new methods for monitoring and controlling cryptocurrencies.

According to representatives of the commission, the use of cryptocurrencies contributes to the development of crime and the shadow economy in Europe.

“At the moment, the participants of the European Commission are studying how much the use of cryptocurrency can harm the economy. In addition, regulatory measures are being developed that will help to effectively manage this currency. Trying to learn more about Facebook’s Libra digital currency, we sent developers a number of questions that will help determine how the currency will function within the financial system” – said Dombrovskis.

He also noted that stablecoin Libra is the main reminder for banking institutions about the need to reduce the cost and time of conducting international transactions.

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Recall that the French government at a meeting of the European Commission stated that the Libra currency should be prohibited by the European Central Bank due to the high threat of negative impact on the financial and credit system. In addition, they plan to create their own cryptocurrency, which will be put into circulation in all European countries.

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