ECB Exec Warns On 'Treacherous' Facebook Currency Plan

Law360, London (September 2, 2019, 12:45 PM BST) -- Europe should reject Facebook’s new currency and stick with established public payment systems or risk allowing the “treacherous” digital money alternative to undermine the euro, a European central banker said Monday.

Facebook’s new cryptocurrency, Libra, which will be distributed through a wholly-owned Facebook subsidiary, is cartel-like and could and wreak havoc on regulatory regimes, Yves Mersch, an executive board member of the European Central Bank, said.

“[Libra] could reduce the ECB's control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks and undermine the single currency's international role, for instance by reducing...

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