Facebook's Libra cryptocurrency urges ECB for a framework

  • by Ofeed Team
  • July 8, 2019, 12:56 AM
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Facebook’s upcoming Libra coin has prompted European Central Bank (ECB) Executive Board Member Benoit Coeure to urge financial regulators to create a suitable framework for crypto projects.

Bitcoin and other cryptocurrencies have long history that divided traditional economists and bankers with some warning over their instability and others praising their ingenuity.

According to Coeure in the economic conference that took place in Southern France, the growth of the crypto industry is exposing the flaws of the existing regulatory landscape as well as the “failure of the banking system to adopt new technology,” Bloomberg reported.

“We don’t want to shake the system so much that we would lose the stability that is needed” he added.

Facebook has recently released Libra’s whitepaper and said it would begin its new project in the first half of 2020, so the ECB must get ready as soon as possible.

Cryptocurrencies saw some recovery on Monday, with the Etheruem leading gains among the top digital currencies with 6.30 percent soar to $306.57, according to CoinMarketCap.

The Bitcoin edged up 1.96 percent to $11,436.32 and Tron augmented 9.25 percent to $0.03524, while Ripple was 0.06 percent lower at $0.3932.

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