Central banks interrogating Facebook over Libra cryptocurrency

In response, Libra reiterated its earlier position that it "welcomes" this engagement "with politicians and regulators, and that it" deliberately "launched a long launch plan to discuss issues and change its plans based on feedback. [19659002] The conversation may not go as Facebook and the Vague team hope. Coeuré in particular has warned that Libra must empty a "very high" bar, and in particular EU finance ministers have worried that cryptocurrencies like Libra could destabilize funding and undermine government bank authorities. France and Germany have both argued that the emphasis should be blocked in the EU, as it will challenge the governments' monetary sovereignty.

Facebook has added weight as a way to democratize money, give banks to many first-time feeders and create a format that is independent of any country. However, it is the latter part that has officials and critics concerned. While Libra is a "stablecoin" that should be attached to the value of conventional currency, it can give Facebook and Libra a tremendous amount of urge if it takes off. It may not have as much choice but to admit if it wants the currency to be widely available, and even it is not guaranteed.