According to the draft of a document that will be discussed at the meeting of EU finance ministers next Friday and which has been published on the European policy portal EurActiv, the EU is determined to take all necessary measures to deal with Libra, Facebook's stablecoin, if its potential risks are excessive or cannot be managed.
One of the measures the EU is considering is a total ban on the development of the project within its territory.
The document was prepared by Finland, which currently holds the 6-month rotating presidency of the European Council.
In addition, the document also highlights that apart from Libra, any similar projects shall not be approved to operate within the EU until all challenges and risks have been properly identified and addressed.
iHodl reported in July that Benoit Coeure, a member of the ECB's board of directors, had said that Libra, Facebook's stablecoin, will not be officially released until regulators around the world are fully satisfied.
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