Bundesbank President: Banks should upgrade their transfer systems to counter alternatives such as Libra

According to Bloomberg News, recently, the Bundesbank President Jens Weidmann said in an interview that banks need to come up with cheaper and faster transfer systems to counter alternatives such as Libra. He also pointed out that the European Central Bank has no immediate reason to develop its own digital currency. "I don't agree with always calling on the government to come up with a solution immediately," Weidmann said. "In a market economy, it is the business' responsibility to develop products that meet customer needs." European Central Bank President Christine Lagarde has previously said that countries Central banks should consider whether it makes sense to issue their own digital currency.