Benoit Coeure, a member of the executive board of the European Central Bank, has stressed that financial regulators all over the world should start working to regulate Libra, Facebook's stablecoin, Bloomberg reported yesterday.
He has highlighted that regulators should not allow the development of new financial services and asset classes without any kind of control. Coeure has called on regulators all over the world to step forward and be ready to meet the challenges that the social network's stablecoin may present.
Coeure has stressed that the emergence of new digital assets has shown that current regulations need to be updated in order to avoid the proliferation of this new type of instrument.
So far, the ECB has been quite cautious about cryptocurrencies. It has recently been discussing their potential benefits and inconveniences.
On 25 June, it was reported that several European central banks had asked Facebook for more details about their future stablecoin.
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