ECB’s Board Member Reiterates Stablecoins Pose Risk to Monetary Sovereignty
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Sept. 25, 2019
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The European Central Bank (ECB) Board Member Benoit Coeure has warned once again that private stablecoins like Libra are posing big risk to the monetary sovereignty, Bloomberg reports.

Coeure claims there may be the risk of the monetary sovereignty of countries being infringed.

ECB’s Board Member Reiterates Stablecoins Pose Risk to Monetary Sovereignty
Benoit Coeure/Flickr.com

"Policy makers and central banks should respond to these challenges," Coeure added.

The ECB's Board Member says stablecoins need to demonstrate "a sound legal basis."

Both Coeure and Bank of England Governor Mark Carney also highlighted that digital assets pegged to fiat currencies could ultimately change the dollar’s status in global trade.

Coeure is known as one of the brightest opponents of stablecoins. Earlier he expressed an opinion according to which, stablecoins are giving rise to a number of serious risks.

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