Central Banks To Meet With Libra Founders in Switzerland Today
Main page News, European Central Bank, Facebook, Central Banks

The Financial Times reported on September 14 that ECB representatives and 25 other central banks will meet with Libra founders today to evaluate how Facebook's stablecoin could be a threat to financial stability.

The representatives of the social network will reportedly meet today with the Committee on Payments and Market Infrastructure (CPMI), which is part of the Bank of International Settlements (BIS).

This committee is made of 28 members, including the Bank of England, the Deutsche Bundesbank and the Federal Reserve Bank of New York.

This is the first major meeting between regulators and Libra's representatives since the social network unveiled its project on June 18.

Last week it was reported that Libra would not be backed by the Chinese yuan.

Facebook unveiled in late August a program to pay up to $10,000 to find errors in its crypto.

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