European central bankers claim oversight over Facebook's cryptocurrency

Section:

By Francesco Canepa
Reuters
Friday, June 21, 2019

FRANKFURT, Germany -- Three European central bankers are claiming oversight over Facebook’s planned virtual currency to ensure it will not jeopardize the financial system or be used to launder money.

Facebook drew worldwide interest this week when it announced plans to introduce a cryptocurrency called Libra, part of an effort to expand into digital payments.

... Dispatch continues below ...


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Facebook said Libra would be backed by real-world assets, including bank deposits and short-term government securities, to make it more stable -- and thus practical for payments and money transfers -- than other cryptocurrencies such as bitcoin.

With the potential to reach billions of internet users and the backing of payment giants like Visa, Facebook hopes Libra will not only power transactions but offer people without bank accounts access to financial services for the first time.

But the central bankers of Britain, France, and Germany said Facebook should expect scrutiny. ...

... For the remainder of the report:

https://www.reuters.com/article/us-facebook-crypto/european-central-bank...

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