ECB Executive Director calls for financial regulators to act quickly on Libra

According to Cointelegraph's July 8 report, ECB executive director Bennoit Coeure said financial regulators must act quickly to prepare for Facebook's Libra stable currency.

Bank-2482766_960_720 (Source: pixabay )

According to Bloomberg News, Coeure said in Aix-en-Provence, in southern France, on Sunday that it would be highly irresponsible for regulators to allow project parties to develop new financial services and asset classes in the regulatory space. He said:

Our financial regulators must act faster.

Coeure said that the development of digital assets highlights the current loopholes in financial regulation, while also highlighting the slow adoption of new technologies by banks:

All of these projects have sounded alarms for regulators and the public sector as they encourage us to ask questions and possibly improve the way we do things.

The ECB has always been very cautious in dealing with encrypted assets, and even a bank official said in January that cryptocurrency is useless. Of course, at the same time, the European Central Bank also discussed the possible benefits and disadvantages of the central bank's digital currency.

Coeure's attitude is in line with the predictions of Jeremy Allaire, co-founder and CEO of the payment company Circle. Earlier this week, Allaire said in an interview with Bloomberg that he hopes Libra will promote the country's development of digital asset policies.

Last week, the US House Financial Services Committee asked Facebook and its partners to stop the development of Libra Stabilization Coins. Earlier, a number of lobbying groups sent a letter to Congress, urging Congress to implement a moratorium against Libra.