Europe has no plans to ban Facebook Libra, says ECB’s Coeure

by   |  VIEW 678

Europe has no plans to ban Facebook Libra, says ECB’s Coeure

On Thursday, the 17th of October 2019, the director of ECB (European Central Bank), Benoit Coeure, said in an interview that policymakers all over the world had no plans to ban Facebook’s Libra or any other stable digital coin, adding that the digital coins completely based on blockchain technology, but backed by official currencies must meet the highest level of regulatory standards.

In point of fact, amid a flurry of criticisms against an approval of Facebook Inc.’s digital currency Libra, while financial ministers of France and Italy had already barred Libra’s access into a majority of Europe’s mainstream markets, latest soothing comments from ECB Director Coeure came as a blessing to digital currencies, providing a shimmering ray of hope for Facebook Inc.’s cryptocurrency plans.

Meanwhile, adding that the ECB (European Central Bank) had yet to make a decision over fates of digital coins into the bloc, a pact of 28 European nations excluding United Kingdom, Coeure said in his Bloomberg interview published on Thursday (October 17th), “There is certainly no judgment that stablecoins shouldn’t exist.

In the case of Europe, neither the Commission nor the ECB intend to make Europe a no-fly zone for stablecoins. But stablecoins will have to meet the highest regulatory standards and adhere to broader public policy goals. ”