No plans to ban Facebook’s Libra: ECB’s Coeure says | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

No plans to ban Facebook’s Libra: ECB’s Coeure says

Global financial regulators have no plan to ban Facebook’s Libra or other stablecoins, but these digital tokens backed by official currencies will have to meet the highest regulatory standards, European Central Bank director Benoit Coeure said in an interview published yesterday.

His comments provide a rare ray of light for Facebook’s cryptocurrency plans, which have been widely criticised by regulators and politicians since the social media group unveiled the currency in June. “There is certainly no judgment that stablecoins shouldn’t exist,” Coeure told Bloomberg News.

“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,” he said.

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