ECB Executive Board member Benoit Coeure recently said that financial institutions need to act quickly to deal with Facebook's Libra project. Coeure said it is irresponsible to allow the development of new financial services and asset classes in regulatory gaps. “We (financial regulators) must act faster than they do now”. He pointed out that the development of digital assets revealed the current loopholes in financial regulation and highlighted the slow pace of banks adopting new technologies: "All such projects will sound alarms for regulators and the public sector because they encourage us to ask many questions. And promote us to improve the way we solve problems."