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Libra-Meeting in Switzerland: A long way for the Facebook Coin

In Basel, met at 16. September, representatives from Facebook's planned crypto-currency Libra, with a total of 26 Central banks representatives. The future of

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Libra-Meeting in Switzerland: A long way for the Facebook Coin

In Basel, met at 16. September, representatives from Facebook's planned crypto-currency Libra, with a total of 26 Central banks representatives. The future of Bitcoin-Descendant from the house of Zuckerberg was discussed.

By Phillip Horch
17. September 2019BTC$to 10,224,05 0.63%part Facebook Twitter LinkedIn xing mail

in Libra, the planned "crypto-currency" of Facebook, attracts to stir – and, although it exists so far only as a White Paper. The Stable Coin scale Libra stirs both the crypto-Community as well as regulators and governments. In particular, the fact that a private company wants to issue a global currency, which has caused critics to the Plan. A group that stands in the criticism, users sell data too freely, there should give no currency, so the popular Argument.

Facebook Libra stirs up doubts

in Order to discuss the (possible) future of Facebook-currency, met on 16. September in Basel (Switzerland), representatives of the Bitcoin-Descendant with a total of 26 Central Bank representatives. Head of the meeting, Benoît Cœuré of the European Central Bank (ECB). He stands in front of the Facebook-crypto-currency is critical, the regulatory hurdles are for Libra, according to his statements high.

The Bank for international settlements (BIS) led the conference. There was, among other things, presentations of Fnality International, the Libra Association, and JPMorgan. In a press release, the UNTIL now announced that both the regulators as well as the Libra Association, was still lot of work:

An important part of the evaluation of new initiatives is to understand the Details. If such initiatives cross national boundaries, it is important that the regulation of co-ordinate authorities, and to come to a common understanding.

Agustín Carstens, General Manager of the TO

Host Benoît Coeuré said:

As the new technology Stable Coins are untested largely, in particular, to the extent that is required for the operation of a global payment system. They pose a number of serious risks associated with the priorities of the public order. The bar for admission will be high.

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Further results are expected in mid-October.

The Bitcoin descendant in the sights

The Facebook-crypto-currency is not observed, meanwhile only in the Bitcoin Community – and criticized. The French Finance Minister Bruno Le Maire said earlier in the run-up to concerns on the possible admission of Libra. Also it is the fact that it is in Libra a global currency in the hands of a private company bothered. ECB Director Yves Mersch warned before the Facebook-crypto-currency. He compared the Libra Ecosystem with a cartel. US consumer organisations commented on the issue and published an appeal to Mark Zuckerberg & co.

In Switzerland, the Federal Council Libra however, quite so dismissive. But even there, there is doubt. The Swiss financial market Supervisory authority Finma, holds at least an international approach to the regulation of Libra is essential.

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