The European Union’s finance commissioner pledged on Tuesday to propose new rules to regulate virtual currencies, in a reaction to Facebook’s (FB.O) plans to introduce Libra, which the EU considers a risk to financial stability. France and Germany have said that Libra, whose size would dwarf cryptocurrencies such as bitcoin, could limit their monetary sovereignty. “Europe needs a common approach on crypto-assets such as Libra,” Valdis Dombrovskis told EU lawmakers in a confirmation hearing. “I intend to propose new legislation on this.” The EU has no specific regulations on cryptocurrencies, which, until Libra was ... (full story)