Representatives of 26 central banks will meet with Libra team to resolve regulatory issues

Officials from 26 central banks, including the US Federal Reserve and the Bank of England, today will meet with the Libra cryptocurrency project team to resolve regulatory issues.

ECB board member Benoit Coeure, who will chair the meeting in Basel, warned that “the regulatory requirements for Libra’s approval in the EC will be very high.”

Libra representatives will also meet with the Payment and Infrastructure Committee of the Bank for International Settlements (BIS), which includes senior officials of central banks.

The founders of Libra will be asked to answer key questions about the scale and architecture of the stablecoin being developed. The main conclusions of the meeting will be included in the “report for the October meeting of G7 finance ministers.”

“We welcome such a dialogue and intentionally left a large margin of time in order to have the opportunity to discuss the project with interested parties and take their opinions into account when developing stablecoin architecture,” the Libra Association said.

European lawmakers are worried that Libra will become popular in the EU, where customers still have difficulty making foreign payments.

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Last week, French Finance Minister Bruno Le Maire said it was necessary to halt the development of Libra in Europe, as it threatened the “monetary sovereignty” of governments. Germany also opposed the launch of the Libra cryptocurrency project.

At the same time, Libra Association CEO Bertrand Perez said the organization intends to launch cryptocurrency and remove regulatory barriers by the second half of next year.