According to Sina Finance, a senior official of the European Central Bank (ECB) on Monday outlined the existence of the proposed Facebook Libra cryptocurrency. This is the latest example of a series of warnings issued by government officials. The European Central Bank Chief Executive Yves Mersch said: "I sincerely hope that the European people will not abandon the security and robustness of existing payment solutions and channels, and instead accept Facebook's tempting but dangerous promise. In a speech at the Frankfurt Law Conference, he ironically pointed out that the creators of Libra cryptocurrency are being investigated by US and EU legislators for processing personal privacy data on social media. Another concern raised by Mersch is that the Libra currency will be issued by a peer league in the fields of payments, technology, e-commerce and telecommunications. Known as the Libra Association, the alliance will control blockchain and collect coinage tax revenue. Members of the Libra Association include MasterCard, PayPal, eBay and Uber.