Facebook’s Libra Association To Meet 26 Central Bank Officials

Representatives of Libra association will meet 26 Central Bank officials which include U.S. Federal Reserve and Bank of England. As per the Financial Times report, Benoit Coeure, a member of the European Central Bank’s Executive Board will chair the meeting in Basel, Switzerland.

Libra association members were invited to answer key questions about Facebook’s stable coin scope and design. The findings from this meeting will be shared with G7 finance ministers in October.

Since the announcement of Facebook’s Libra project, regulatory around the world have raised their concerns to allow a large tech company to create a privately controlled, alternative global currency. Also, fearing Facebook’s stable coin could risk individual financial privacy.

Recently, in a meeting of eurozone finance ministers, eurozone members agreed to pursue a tough regulatory approach should Libra seek authorizations to operate in Europe. The key concern among eurozone members has been that Facebook’s stable coin could risk eurozone financial stability and monetary sovereignty.

The meeting with central bank representatives will help Libra foundation to understand in detail about these concerns. As quoted by Libra association member in the FT report,

“We welcome this engagement and have deliberately designed a long launch runway to have these conversations, educate stakeholders and incorporate their feedback in our design”.