ECB executives: "We cannot sacrifice security" when talking about Libra

According to the Nikkei Asian Review, European Central Bank policy maker Francois Villeroy de Galhau mentioned in an interview the potential impact of social media giant Facebook's crypto project Libra.

Speaking of the stablecoin, he said that Libra must adhere to "the highest standards of banking and financial regulation." Regarding the future of the project, he stated that "we are open to innovation." While acknowledging that digital currencies can "create many opportunities for customers and the economy," he added, "we cannot sacrifice security and trust for the sake of innovation."

Talking about the obstacles that the Libra Association must overcome, Galhau said, "I think the rules of the game are very clear and supported by all major economies, and the promoters of Libra are very aware of these rules of the game."

Regarding the long-term stability of the project, he stated that "an innovation that cannot be built on the highest level of trust will not last long."

"Regardless of which technology supports the currency, whether it is paper money, bank cards or digital currencies, trust is crucial. The central bank can guarantee this trust, which is our main responsibility." When it comes to Libra When positive, he said that the current financial system was "too slow and too expensive, especially for remittances."

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Author Xiu MU

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