The European Union continues to represent a tough obstacle for Libra, Facebook’s cryptocurrency project. According to recent reports, five EU member countries have met privately during the month of October and have come together to avoid the issue of this stablecoin.
According to information published by Politico Europe on Wednesday, this group is led by France, and is completed by Germany, Italy, Spain and the Netherlands. The intention of this group is to prevent Libra from being launched on the European continent, also seeking to increase pressure on Facebook and other members of the Libra Foundation to give up the project.
The reports also indicate that this coalition is encouraging the governments of the European Union to consider a total ban on Libra. However, the prohibition would require Brussels to provide a legal reason for executing such action, in addition to more details on what rules would be applied.
According to Politico Europe, officials are working on a statement that will be made public in December, in which they claim that the launch of Libra should not be allowed unless the EU can regulate it.