Longread: European regulators seem highly skeptical. Meeting at BIS

cointelegraph.com/news/libra-seen-as-threat-to-national-currency-sovereignty-pleads-with-g-7

<TL;DR>

  • On Sept. 16, Libra representatives met with a part of the Bank for International Settlements – representing 60 central banks, to discuss Libra
  • On the same day, David Marcus, Libra CEO posted a tweetstorm https://twitter.com/davidmarcus/status/1173566564576051200
  • European regulators seem highly skeptical:
    • Germany: “We cannot accept a parallel currency. […] You have to reject that clearly.”
    • France: Europe should consider creating its own “public digital currency” that could challenge Facebook’s Libra. Libra cannot be allowed
  • Libra’s response: Central banks’ sovereignty will remain intact
  • The looming threat of a ban
    • But governments have as difficult a task in justifying banning Libra, as Libra has in justifying why it should be allowed.
  • Libra Association to continue communicating with regulators