Bundesbank officials: Libra may trigger a financial crisis and should be developed as soon as possible to develop global regulations

Joachim Wuermeling, German Federal Banking Commissioner of the Bundesbank, said in an interview on November 4 that Libra, which has not yet been released by Facebook, may trigger a financial crisis in some cases in the future. According to Wuermeling, Libra is more like a “platform currency” than a real currency. However, Wuermeling added that “in some cases, Libra may replace the currency currently in use to some extent”, thus “influencing consumers, banks, the financial system and monetary policy”. The Bundesbank also worried about Libra's possible financial crisis, and urged “global institutions to develop regulations to oversee Libra and providers with similar business models”.