The European Union is up in arms against Zuckerberg's cryptocurrency

The European Union saw the risks of a "new, completely separate economy" after the launch of Facebook's Libra cryptocurrency, writes Bloomberg.

The EU Competition Authority has launched an investigation into Libra, said in an interview with the Danish Industrial Union. European Commissioner for Competition Margaret Vestager

Quote. “We want to be proactive to see if [Libra] is going to be a problem,” Vestager said in an interview with Bloomberg.

• The European Commissioner intends to find out how much Facebook intends to become a commercial platform with the launch of its cryptocurrency.
• Vestager fears that Libra will disadvantage those who do not use it.
• The antimonopoly agency is also interested in the consequences of the launch of the cryptocurrency for Facebook itself.

How is Libra different from other cryptocurrencies? Facebook founder Mark Zuckerberg revealed the details of the cryptocurrency in June 2019.

• Libra transactions will take place on blockchain technology, but the cryptocurrency will be backed by a basket of traditional currencies, which Facebook believes will provide Libra with some stability.
• Libra can be bought for any currency, it will be possible to pay for it on the Internet and in regular stores.
• 27 companies have joined the project, including Visa, MasterCard and PayPal payment systems, as well as Uber, Lyft and Spotify services.
• to participate in Libra . This money gives one company access to one node of the Libra network. Each of the firms paid Facebook $10 million

Facebook expects to launch cryptocurrency in the first half of 2020. Until then, the company will conduct closed testing of Libra.