Facebook has rejected after massive political criticism of its planned digital currency Libra concerns that they could interfere in the sovereignty of Central banks.
In Libra is spent, no new money, what will remain sovereign States, said the Online network for the development of Libra competent Top Manager David Marcus on Monday.
Libra is to be secured according to previous plans, one-to-one with a basket of stable currencies and government bonds. If someone buys Libra with a classical currency, should the money go directly into this Fund, as Facebook explains.
in Libra, would act as a System for fast international money Transfers. Politicians and regulators feared that the Fund could lead, given the size of Facebook, with more than two billion users to the dislocations on the money markets.
Facebook wants to leave the management of the digital currency quickly the Libra Association, with headquarters in Switzerland. Facebook Manager Marcus will then develop the in-house Digital-wallet for the currency with the name Calibra. According to previous plans, Calibra, the only digital wallet for Libra in Facebook’s chat services, WhatsApp and Messenger will be with significantly more than a billion users. For other technical platforms, there should be, but also alternative “Wallets”.
On Monday, representatives of the Libra Association, met with high-ranking representatives of the authorities in the case of a meeting of the Bank for International settlements (BIS). The focus is on the so – called “stable-coins” – so digital currencies, which are tied to well-established means of payment were generally.
ECB Executive Board member Benoît Cœuré stressed then the concerns of the regulators. Stablecoins are untested, as a new technology, in particular if the scale of a global payment system. You can also see a number of risks. “The hurdle for regulatory approval will be high.” The Libra Association shall be regulated according to present plans of the Swiss financial market Supervisory authority Finma.
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