ECB Executive Committee: Libra can solve problems in global payment systems

European Central Bank (ECB) executive committee Benoit Coeure said today that Facebook's Libra has prompted central banks to consider two major issues in the global payment system. Coeure believes that global payment systems still lack the channels and efficiency of cross-border retail payments. At the same time, cross-border retail payments are critical to global business and immigrant remittances. Coeure pointed out that although many blockchain-based stable currency projects are designed to address at least one of these issues, Libra was created to address both issues. However, addressing these issues will present many challenges for policy makers. Coeure said Libra "is undoubtedly a wake-up call for central banks and policy makers." He pointed out that the Global Stabilization Coin project is a natural result of technological advancement, globalization and the shift in consumer preferences.