Libra Crypto Is ‘Undoubtedly’ a Wakeup Call for Central Banks, Says ECB Exec
Facebook’s Libra could potentially solve some of the problems in the international payments market, but it might create a number of others that will require creative thinking by the regulators, says an European central banker.
In comments to the German federal parliament Bundestag on Wednesday, Benoit Coeure, a member of the Executive Board of the European Central Bank (ECB), said “Libra has undoubtedly been a wakeup call for central banks and policymaker,” and they should respond to these challenges.
He added that stablecoins, in particular Facebook’s Libra cryptocurrency, could help connect the 1.7 billion people globally who are now off the financial grid while at the same time making cross-border payments cheaper, faster and more transparent.