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The European Union will regulate cyptocurrencies: "The future of finance is digital"

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The European Union announced this Thursday the first law regulating cryptocurrencies. The objective is to control this new technology since, according to the European Commission, "the future of finance is digital", therefore it is necessary to mitigate "any potential risk.

European leaders seek to reduce investor risks while increasing the safety of those who issue these assets. One of the objectives of the new legislation is for the European Union to reduce "market fragmentation" in this space, the executive vice president of the European Commission, Valdis Dombrovskis, explained to CNBC.

The proposal comes after lTwenty-seven have reported the risks that this type of currency may have especially powerful ones, such as Libra, Facebook's stablecoin project.

On the 'crypto' of Facebook, the vice president of the Community Executive responsible for Financial Services, Valdis Dombrovskis, has spoken. "There are special rules for stablecoins, like Facebook's Libra. They will be subject to stricter requirements. The reason for this is the vast potential size these assets can have in terms of users, which could pose specific challenges to financial stability", the Latvian explained.

It is complex legislation so it will not be until at least a year from now when there is a firm law on the table, "depending on the priority given by both member states and the European Parliament”, Has qualified Dombrovskis to CNBC.

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