The European Union cannot know what to do with Libra, but its infrastructure provider partnered with Ontology
Besides several pro-cryptocurrency opinions, there are still a lot of governments expressing dissatisfaction with this new asset class. And another equally popular attitude is the state of not knowing what to do with it – banned or not banned? That’s also what’s happening with the European Union in the face of Libra – Facebook’s global stablecoin project.
The European Union cannot know what to do with Libra
According to a February 19 memorandum issued by Executive Vice President Dombrovskis on behalf of the European Commission, the Libra Association was unable to answer questions from the EU. Therefore, all information provided by Facebook is still not sufficient to determine the exact nature of Libra and operate by applicable EU law.
The memo released by Executive Vice-President Dombrovskis on behalf of the European Commission | Source: Europarl
However, Dombrovskis also stated that:
“The committee is ready to act quickly when they harness the potential of cryptocurrencies by aligning regulations and oversight.”
On October 13, 2019, Facebook CEO Mark Zuckerberg spoke to a Financial Services Committee of the US House of Representatives. Legislators echoed the same concern as the European Commission, citing the vague answer Zuckerberg provided regarding digital currencies:
“I don’t know if Libra is going to work.”
Government agencies in both the United States and the EU are working to understand cryptocurrencies better. The committee has launched an open public consultation that will be available until March 19, while the Internal Revenue Service in the United States is preparing for the crypto summit on March 3.
Infrastructure provider Libra adds Ontology nodes to its platform
In other happenings, Onology has announced infrastructure integration with Bison Trails – the infrastructure provider for Libra.
We’re thrilled to announce support for @OntologyNetwork (ONT) Nodes on the Bison Trails platform https://t.co/ws9GZytll4
— Bison Trails (@BisonTrails) February 19, 2020
With this collaboration, Onology will use Bison Trails in conjunction with Libra, an infrastructure platform as a service. Considered a strategic partnership, this will reduce the barriers to acceptance ontology nodes. Moreover, ONT will also be able to meet the actual needs of businesses, as it will support reliable identification and communication between networks. This also adds to the flexibility and reliability of Blockchain.
Camp Bison Trails is equally excited about the cooperation. In an exclusive interaction with the Altcoin Buzz team, Joe Lallouz, CEO Bison Trails, said this year was a fascinating time for the development of Blockchain businesses.
He shared:
“We are delighted to support the launch of the Ontology protocol and to help secure the network. By creating a cross-compatible network, facilitating smooth transactions between businesses, Onology will help promote the adoption of mainstream Blockchain technology.”
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