Central Banks to Cross-Examine Libra’s Founders in Switzerland

The European Central Bank (ECB) officials and 25 global central banks will be meeting with Libra’s founders to assess the project.   

Libra previously reaffirmed its stance where the long launch schedule was to welcome any engagement with regulators and politicians. ECB executive, Benoit Coeure recently warned that Libra has to clear a “very high” bar as EU finance ministers have worried that cryptocurrencies such as Libra could destabilize finance and undermine the authority of government banks.  

Reported by the Financial Times on September 14, Libra’s representatives are due to meet with the Committee on Payments and Market Infrastructure (CPMI) of the Bank of International Settlements in Switzerland on September 16. The CPMI of the Bank of International Settlements is a member of the Financial Stability Board which consists of 28 member banks, including the Bank of England, Deutsche Bundesbank, and the Federal Reserve Bank of New York.   

Facebook has presented Libra as a way to democratize finance while providing banking to the unbanked and creating a universal format that is not exclusive and dependent on any one country. 

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