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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

(FB)
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Delayed Quote. Delayed Nasdaq - 11/27 01:00:00 pm
277.81 USD   +0.81%
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Facebook : Big European states call for cryptocurrency curbs to protect consumers

09/11/2020 | 11:10am EST
Informal Meeting of Ministers for Economics and Financial Affairs in Berlin

Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy.

The finance ministers of the five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory and oversight challenges had been addressed.

Stablecoins, a type of cryptocurrency often backed by traditional assets, leapt onto policymakers' agendas last year when Facebook revealed plans for its Libra token.

Some central banks and financial regulators, concerned that Libra could destabilise monetary policy, facilitate money laundering and erode privacy, threatened to block it and the project has been delayed and reshaped as a result.

The EU's regulatory framework for stablecoins should preserve the bloc's monetary sovereignty and address risks to monetary policy, as well as protecting consumers, the five countries said in a statement issued on the sidelines of a broader meeting of European officials in Berlin.

The European Commission is expected to present its regulatory proposals later this month.

"We all agree that it's our task to keep financial market stable and to ensure that what is a task for states remains a task for states," German Finance Minister Olaf Scholz told reporters during a joint statement with his counterparts.

'VERY CLEAR RULES'

Scholz said authorities should take a tough approach and this should include a ban on any private sector activities if regulatory requirements were not met.

The five countries want all stablecoins to be pledged at a ratio of 1:1 with fiat currency, with reserve assets denominated in the euro or other currencies of EU members states, and deposited in an EU-approved institution.

All entities operating as part of a stablecoin scheme should be registered in the EU, they said. Such a move would likely impact the Geneva-based Libra Association, which plans to issue and govern Libra.

The association declined to comment. It has previously said that it welcomed regulatory scrutiny.

"We're waiting for the Commission to issue very strong and very clear rules to avoid the misuse of cryptocurrencies for terrorist activities or for money laundering," French Finance Minister Bruno Le Maire said.

"The central bank, I mean the ECB, is the only one to be allowed to issue a currency. And this point, it's something that cannot be jeopardized or weakened by any kind of project including the so-called Libra project," Le Maire added.

By Christian Kraemer and Michael Nienaber


© Reuters 2020
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Financials (USD)
Sales 2020 83 587 M - -
Net income 2020 26 870 M - -
Net cash 2020 63 906 M - -
P/E ratio 2020 29,8x
Yield 2020 -
Capitalization 791 B 791 B -
EV / Sales 2020 8,70x
EV / Sales 2021 6,82x
Nbr of Employees 56 653
Free-Float 83,8%
Chart FACEBOOK INC
Duration : Period :
Facebook Inc Technical Analysis Chart | FB | US30303M1027 | MarketScreener
Technical analysis trends FACEBOOK INC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 51
Average target price 315,73 $
Last Close Price 277,81 $
Spread / Highest target 35,0%
Spread / Average Target 13,7%
Spread / Lowest Target -56,8%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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