Libra under attack from all sides

The EU has launched an investigation into Facebook’s plans for a new cryptocurrency. Competition officials are concerned the Libra initiative could potentially lead to anti-competitive behaviour on the part of the social network and its allies, among them MasterCard, PayPal, Visa, eBay and Uber.

Libra is also a cause for concern in the US where the house Democratic majority is proposing a bill to prevent the tech majors operating as financial companies, as well as stopping the from issuing digital currencies.

In addition, the US Treasury says it has serious concerns, especially with regard to the possibility of money launderers and terrorist financiers using Libra.

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