D-day for Libra today: makers of cryptocurrency in conversation with central banks

D-day for Libra today makers of cryptocurrency in conversation with central banks

Today is an important day for Libra, the digital currency that Facebook wants to launch. Representatives of the European Central Bank (ECB) and 27 other central banks are meeting with members of the Libra Association today about the risks of the project. The Libra Association is the foundation behind the crypto coin that Facebook launches.

Central banks fear that Libra may jeopardize global financial stability. This is apparent from an article from the Financial Times of 14 September (behind payment wall).

First time since June

According to the Financial Times, this is the first time that Libra has agreed with global policy makers since June 18 this year. This time the Libra Association is talking to the Bank of International Settlements (BIS). The BIS consists of representatives from central banks worldwide. The representatives who enter into discussions with the Libra Association at BIS in the “Payments and Market Infrastructure” committee.

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This commission consists of 28 central banks. And there are big names, such as the European Central Bank and the Federal Reserve Bank of New York. But the Dutch Bank is also part of this committee.

According to the Financial Times, Libra must answer a number of questions that refer to “the findings of the October G7 report from finance ministers.”

Central banks are worried

European regulators are afraid that Libra will become too popular in the European Union. Last week, Bruno Le Maire, the French finance minister, expressed a negative opinion about Libra. “Let me be clear: under these conditions we cannot accept the development of Libra on European territory,” Le Maire said in an interview with Arab News.

According to Le Maire, Libra is undermining the monetary sovereignty of governments. Or less expensive words: it is not desirable if Facebook issues its own currency, only governments can do that.

Important day for Libra

Today is therefore an important day for Libra. Will Libra succeed in overcoming the concerns of global regulators? Then the chances are greater that the Facebook coin will be launched next year.

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Yet it seems as if the Libra Association does not consider the discussions so important. In an interview with the French magazine Les Echos, Bertrand Perez from Libra remains positive: “We are sticking to our schedule. Libra will be launched in the second half of 2020. “


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