Altcoin News: BaFin Calls for the Creation of International Standards for the Regulation of Libra

June 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The chairman of the Federal Financial Supervision Agency of Germany (BaFin) called on regulators to develop standards for the upcoming launch of a cryptocurrency Libra.

BaFin President Felix Hufeld stressed that politicians and regulators should not stand aside in the issue of cryptocurrency being developed by Facebook, since serious regulatory problems may arise as soon as the coin starts to be used. Hufeld pointed out the need to create an international regulatory framework:

“We certainly can not just watch. We will have to respond appropriately in any way. I can only hope that we will succeed in developing at least European, if not globally, basic standards.”

Other participants in the European and global financial markets also expressed their concern about the cryptocurrency Libra. The Bank for International Settlements warned that financial services offered by such large companies as Facebook, Google and Amazon could create new risks for the banking sector.

In addition, the Governor of the Central Bank of Australia said that “there’s a lot of water under the bridge before Facebook’s proposal becomes something we’re using all the time”. Lawmakers of the United States and the Ministry of Finance of France also opposed the release of cryptocurrency.

Author: Marko Vidrih