EU unveils proposed curbs on cryptocurrencies

BRUSSELS: The European Commission on Thursday unveiled plans to regulate cryptocurrencies, proposing rules that could limit the development of Facebook-backed Libra and similar projects.

Cryptocurrencies have exploded in popularity among investors since the emergence of Bitcoin, but the general public, banks and regulators remain wary. Pressure from member states has pushed the EU executive to unveil its proposals to regulate the new sector, in the hopes of also nurturing its development.