Copy link
Increase text size
Decrease text size
Link copied

European Central Bank executive calls to hasten regulatory action of Facebook's Libra cryptocurrency

EU2016 SK [CC0]

Mon, 08 Jul 2019, 05:17 am UTC

European Central Bank Executive Board member Benoit Coeure is urging financial regulators to act fast to prepare for the upcoming Libra cryptocurrency of Facebook, according to Bloomberg.

Speaking at the Aix-en-Provence in southern France last Sunday, Coeure said that permitting the development of financial services and asset in a regulatory void is “just too dangerous.”

We have to move more quickly than we’ve been able to do up until now,” he said.

He also noted that the development of digital currencies has exposed the insufficiencies of existing financial regulations and the slow adoption rate of banks to new technologies.

All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things,” he said.

Facebook’s Libra cryptocurrency project has run into political oppositions from lawmakers and even watchdogs.

With concerns that Facebook’s Libra may become a sovereign currency and replace traditional currencies, French Finance Minister Bruno Le Maire reportedly asked the Group of Seven central bank governors to submit a report on the blockchain project of Facebook, with key areas covering privacy, money laundering, and terrorism financing.

In addition, Markus Ferber, a German member from the European Parliament, voiced concern that Facebook may turn into a “dark shadow” if regulators fail to keep a tight watch.

In the United States, policymakers and even a consumer group have recently called for a moratorium on Facebook’s Libra project until profound questions raised are answered and hearings are conducted to help lawmakers come up with necessary protections to uphold user privacy.

In an attempt to ease concerns, Facebook’s David Marcus published a note on Facebook, addressing a few questions and misunderstandings about the project and reiterating that the social media giant will have no control of the company.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,118.77 (+2.68%)
  • Ethereum (ETH) $176.01 (+3.59%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $362.15 (-0.99%)
  • Bitcoin SV (BSV) $261.14 (-3.65%)
  • Bitcoin (BTC) $9,118.77 (+2.68%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft