In October, five EU countries led by France formed a coalition to make it difficult to launch Facebook’s Libra digital currency, Politico reports citing informed sources.
The initiative was supported by Germany, Italy, Spain and the Netherlands.
On Monday, the coalition presented an agreed position to the rest of the EU at a private meeting in Brussels. Sources say the group favors Libra’s total ban.
The European Commission considers such a radical solution to be problematic and does not yet fully understand how to justify this from a legal point of view. The agency is also concerned about possible damage to the image of jurisdiction.
According to Politico, the coalition has already voiced the idea of banning Libra at the G7 meeting. Against any recommendations regarding stablecoins then expressed the head of the US Treasury Stephen Mnuchin. He preferred to simply outline the risks that such projects carry.
Earlier, the European Commission launched an antitrust investigation into the digital currency project Facebook.
The German government, in a recent response to the parliamentary request, said it would take all measures so that “stablecoins do not prove themselves as an alternative to state currencies.”