Central Banks and Libra are meeting in Switzerland

Central Banks and Libra are meeting in Switzerland on Monday, and the meeting is likely to bring positive results for Facebook’s stablecoin venture.

Latest reports reveal that the European Central Bank (ECP)‘s officials and twenty-five global central banks will be meeting Libra for the assessment of financial stability risks of the Libra project.

On 16th September, representatives of Libra would be meeting with Bank of International Settlements’ (BIS) part; Committee on Payments and Market Infrastructure (CPMI) in Switzerland.

CPMI is a BIS international rule setter along with being a member of the Financial Stability Board that comprises twenty-eight member banks, including Bank of England, Federal Reserve Bank of New York and Deutsche Bundesbank.

Reportedly, the event would be the first significant meeting between the founders of Libra and the global policymakers since the revealing of Facebook’s plan of stablecoin project.

Central Banks and Libra meeting: What to expect?

ECB’s executive Benoit Coeure, who will be chairing the meeting, stated that the standard for regulatory approval for Libra in the European Union is going to be very high.

The Finance Minister of the EU in Helsinki stated that regulators should now consider the central bank’s digital currency.

ECB’s executive stated that the ECB had started working on its not-so-known cryptocurrency project plan way before the Libra’s launch. Coeure is expected to present a report on the cryptocurrencies to the finance minister of G7 in the coming October.

Previously, BIS had warned about the financial services that are provided by leading companies like Google, Facebook, and Amazon can generate new risks for the banking industry.