Today, September 16, representatives of the Libra cryptocurrency project will meet in Basel with officials from 26 central banks, including the Federal Reserve and the Bank of England, to answer their questions, writes the Financial Times . This is the first meeting of project representatives with lawmakers on such a scale, the latter noted in a conversation with the publication.
The meeting will be chaired by the current board member of the European Central Bank, Benoit Kere. “The bar for regulatory approval will be set very high,” he warned after a meeting of EU finance ministers in Helsinki this week, where “serious concerns” were expressed regarding Libra and other digital currencies due to their ability to destabilize the financial system and undermine the state sovereignty.
Libra representatives were invited to answer key questions regarding the scope and specific elements of the project. A meeting report will be presented to G7 finance ministers in October.
The project itself stated that they were willing to answer questions from central banks:
“In the three months that have passed since the announcement of the intention to launch the Libra network, we have made interaction with regulators and legislators all over the world our priority. We welcome this contact and intentionally left enough time for such discussions, educating market participants and incorporating their proposals into our project. ”
Earlier this week, authorities in France and Germany expressed their willingness to hinder the spread of Libra . Kere said on Friday that the Facebook project should serve as a “bell” for the authorities about the need to create faster and cheaper payment solutions for consumers. French Finance Minister Bruno Le Mayor put forward the idea of launching his own digital currency in the EU .
Publication date 09/16/2019
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