ECB Executive Committee: Libra and other stable currencies will bring serious risks

ECB Executive Committee member Benoit Coeure warned about the risks of “stabilized coins” such as Libra during the activities of Basel BIS yesterday. It tells central bank officials from around the world that most of these new virtual currencies have not been tested, especially on the scale required to run a global payment system, and promised to impose stringent regulatory measures on them. A Libra spokesperson said the event in Basel was “constructive” and said the association is committed to working with central banks and regulators to achieve its goal of a stable and low-cost payment system.