Libra representatives met on September 16 with officials from the European Central Bank (ECB) and other 25 global central banks to discuss and assess the financial stability of Facebook’s ambitious Libra project.
According to the Financial Times, Libra’s representatives at the meeting, who are also Libra founders, met with the Committee on Payments and Market Infrastructure (CPMI), which is a part of the Bank of International Settlement (BIS) in Switzerland.
Benoit Coeuré, ECB executive board member who chaired the meeting between Libra and global financial officials, has similarly voiced concerns over Libra, adding that it will have to pass through highly stringent laws for EU to even begin considering accepting Libra and virtual currencies, in general.
This echoes the recent sentiments of other financial leaders in Europe, such as Bruno Le Maire and Olaf Scholz, France and Germany’s respective finance ministers.
“Stablecoins are largely untested, especially on the scale required to run a global payment system,” said Coeuré.
Le Maire also announced recently that Europe is considering having its own digital public currency, possibly under the name “EuroCoin”, to challenge Libra.
In the face of intense opposition by Europe, Libra’s David Marcus reiterated that it is not Libra’s intention to threaten global financial systems or individual state monetary policies.
