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EU Financial Commissioner Will Proposed Rules For Crypto

EU Financial Commissioner Valdis Dombrovskis pledged to propose new rules for cryptocurrencies such as Libra on Facebook.

Following his appointment as Prime Minister and Finance Minister of Latvia and Member of the European Parliament between 2004 and 2009, Dombrovskis is applying for the reappointment of the Executive Vice-President of the European Commission.

If he were to be reappointed, he would be given a brief mandate entitled 'An economy that works for the people' and would continue to be responsible for the Commission's financial services portfolio and its work on 'deepening Europe's economic and monetary union'. 

In addition to highlighting the need for new cryptographic currency-specific legislation in Europe, Dombrovskis spoke of the need for the EU to address "unfair competition, cyber security and threats to financial stability".

German Finance Minister Olaf Scholz said he was "very, very sceptical" about Libra's Facebook project.

The stable koin proposed by a titan from social media also met with a cold reaction from French Finance Minister Bruno Le Maire, who even went so far as to say that Libra should not be authorised on European soil as this would jeopardise the monetary sovereignty of the states.