‘We Must Not Let Zuckerberg Become a Central Bank’: European MP

decrypt.co

In brief

  • Facebook's Diem project has caught lawmakers' attention.
  • Some want to give the European Central Bank more power to regulate such projects.

With Facebook’s Diem project opening a path for other Big Tech firms to establish their own cryptocurrencies and stablecoins, European Parliament legislators are attempting to give the European Central Bank (ECB) more regulatory power. 

“We must not let [Mark] Zuckerberg become a Central Bank,” Dr Stefan Berger, a European People's Party Member of the European Parliament (MEP), told Decrypt via email after proposing amendments to a bill calling for more regulation of digital asset issuers.

The September proposal, the European Commission’s Markets in Crypto-assets (MiCA) Regulation, would mandate that the ECB “establish uniform rules for crypto-asset service providers and issuers at EU level.” 

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