German central bank warns of Libra

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German central bank warns of Libra
Photo: Queen Telegraph

The Bundesbank said in its monthly statement on Monday that cryptocurrencies such as Libra - Facebook Inc's proposed currency, deserve special follow-up and attention by central banks and regulators, and that such projects could have a "sustainable and significant impact" on the global financial system and central banks.

As the Bundesbank said, “So far, important technical and regulatory questions about the Libra coin offering remain unanswered. Given the potential implications, it seems appropriate that the supervisory bodies and the building are closely monitoring and approving plans. Innovations that increase wealth and reduce transaction costs must be supported. But important goals such as monetary and financial stability and payment security should not be compromised

Last week, French Finance Minister Bruno Le Maire said at the G7 meeting that a private company should not have "the possibility of creating a sovereign currency".

Also last week, British Finance Minister Philip Hammond said he hoped regulators would have their say regarding how Libra should fit into the country's regulatory framework.

 

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