Regulators to question Facebook over new Libra cryptocurrency

Global regulators will question Facebook on Monday about its Libra cryptocurrency amid concerns from EU governments over the threat the digital currency poses to financial stability, the Financial Times (FT) reported on Sunday.

Officials from 26 central banks, including the US Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials.

Libra’s founders have also been requested to answer key questions about the currency’s scope and design, FT said.

Facebook did not immediately respond to Reuters’ request for comment outside regular business hours.

Countries including France and Germany have publicly criticised the social media giant’s Libra project, saying it posed risks to EU states’ sovereignty.


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