Valdis Dombrovskis – the commissioner of finance for the EU – has reportedly vowed to come up with appropriate regulatory updates, in order to best manage digital coins, nominally Facebook’s Libra.

“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this.” Stated via a speech, given by Dombrovskis to the EU officials on October 8. 

Dombrovskis – who previously held the position of prime and finance minister of the country of Latvia, along with having a seat in the EU European Parliament for 5 years (04-09) – is currently trying to secure a position of executive vice president of the European Commission.

Should the reappointment go as planned, he would be responsible for a brief, dubbed “An Economy that Works for People”, and will resume his work with the Commission’s financial services portfolio, and its mission to “deepen Europe’s economic and monetary union”.

Apart from the task of paying attention to the urgency for a regulation that focus primarily on cryptocurrency in Europe, Dombrovskis further mentioned the EU’s need to tackle “unfair competition, cybersecurity, and threats to financial stability.”