Harsh words from ECB member: “we must not let Zuckerberg become central bank”

Harsh words from ECB member: “we must not let Zuckerberg become central bank”

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Member Of The European People & Apos; S Party Of The European Parliament Stefan Berger spoke tough about Diem and Mark Zuckerberg. 

Facebook's Diem project paves the way for other Big Tech firms to create their own cryptocurrencies and stablecoins, while European Parliament legislators are trying to give the European Central Bank (ECB) more regulatory power.

Harsh words from ECB member

Member Of The European People & Apos; S Party Of The European Parliament “We should not allow Mark Zuckerberg to be the Central Bank, " Stefan Berger said in an emailed statement after proposing an amendment to the bill calling for more regulation of institutions that market digital assets."he used his words.

Meanwhile, the European Commission's September proposal, called the markets in crypto assets (MiCA) regulation, would require the ECB to “establish uniform rules for crypto asset service providers and cryptocurrency market institutions at the EU level.”

MEPs are now rapporteur of the European Parliament. They discuss changes to the proposal put forward by Berger, which would include the ECB “taking a more active role in authorising new cryptocurrencies.” This means that the central bank will not allow some projects to operate at EU borders if things go as planned.

At this point, if Mica is implemented, Europe will be the area with the clearest regulations on cryptocurrency.

"ECB must be prepared”

Dr Berger said the ECB should be prepared for the power of global stablecoins, particularly Facebook's Diem, a stablecoin project aimed at influencing the traditional payments market with low-paid, scalable and fast payment features. Diem was known as Libra when it first came out.

In addition, after Facebook first announced Libra, it faced huge reactions and intimidated regulators.

Dr. “Facebook has more than 2 billion users, " Berger said. By introducing its own currency, it could gain the power of the Central Bank overnight."he revealed it with his words.

"But currencies are not in the hands of a private company. At the end of the day, we shouldn't let Zuckerberg be the Central Bank."he continued with his words.

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