Libra is about to undergo perhaps its most significant days of scrutiny as countries gather to question the controversial Facebook cryptocurrency project. On the 16th September, officials from 26 central banks will gather to make key decisions about the future of Libra and also question the project’s credibility in the process.
26-Member Team Meets Libra’s Reps In Basel
As per a report by Financial Times, a team of officials headed by The European Central Bank’s Benoît Coeuré representing 26 central banks is meeting with Libra officials in Basel, Switzerland, on the 16th of September in order to question Libra of its digital money’s “scope and design.”
Responding to this historical event, Libra expressed its readiness to answer questions coming from this team of regulators and politicians while maintaining that a long project launch date was initially set for Libra in order to satisfy every regulatory demands and hurdles and also achieve project modification based on feedback before eventually entering into the financial ecosystem.
Libra’s Never-Ending Regulatory Saga
According to a report, Facebook noted that Libra attracted much more scrutiny from governments, banks, regulators, and corporate bodies than it would need to survive and that might have put a dent on its opportunities as the regulatory hurdles are expected to continue and even swell in magnitude.
The conclusion which was contained in the risk factor of a document read that the company identified the opposition it received from regulators and the shortcomings expressed by the respective lawmakers in this regard.
Facebook Libra has been submerged into rocky waters with various regulatory entities across Europe and the United States since it was announced in June. Security, privacy and other concerns around possible illicit utilization of the global digital currencies are hindering Facebook from developing the planned controversial project. Recently, renowned jurist and European Central Bank’s (ECB) legal official, Yves Mersch, gave a comment on Facmuch-discussediscussed proposed global digital currency project calling it “beguiling but treacherous.”