September 13, 2019 / 11:05 AM / 10 days ago

EU regulators to set high bar to authorise Libra, ECB's Coeure says

FILE PHOTO: Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/File Photo

HELSINKI (Reuters) - European Union regulators will set a high bar on regulatory approvals for virtual currency projects in Europe, including Facebook’s Libra, European Central Bank board member Benoit Coeure said on Friday.

He told a news conference after a meeting of euro zone finance ministers that there was agreement among ministers that common rules were needed to regulate cryptocurrencies as they raise concerns about financial stability.

Reporting by Francesco Guarascio @fraguarascio; Editing by Mark Potter

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