All banks in the European bloc plan by the end of 2020 to launch a unite real-time payment system to compete with tech services like Facebook's Libra, Reuters reports.
Europe has been using real-time payment platforms since 2017. However, according to Reuters, only about half of the euro zone’s banks have joined the scheme of real-time payments.
Director General of the European Payments Council (EPC), Etienne Goosse, claims banks need to move more actively since Facebook's Libra is about to become a serious competitor to the whole industry.
Meanwhile, Philip Lowe, Head of the Reserve Bank of Australia (RBA), says he does not feel particularly optimistic about Libra, Facebook's cryptocurrency as it will not be massively adopted, at least not in the short term.
Earlier France called upon the creation of the G7 task force to monitor how central banks' control over cryptos like Facebook’s Libra is conducted in terms of the money-laundering policy.
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