Head of BaFin, Germany: Global regulators should set standards in response to Libra

Felix Hufeld, head of the German Federal Financial Supervisory Authority (BaFin), urged global regulators to set standards in response to Facebook's upcoming cryptocurrency Libra. Hufeld hinted that BaFin might take regulatory action, saying that it must respond appropriately in any way. It is also hoped that the basic standards of at least European (if not global) will be successfully developed.