ECB spokesman suggests banks develop cheaper payment solution to counter Facebook’s Libra

ECB spokesman suggests banks develop cheaper payment solution to counter Facebook’s Libra

Why Facebook’s Libra Cryptocurrency Is In Trouble

Jens Weidmann, Governor of the German Central Bank and Representative of the European Central Bank (ECB), called on European banks to develop more cheap and fast payment solution, which will be able oppose Facebook’s Libra stablecoin.

He believes that banks should not constantly turn to the state for immediate help, insofar as in a market economy they must first offer customers their own competitive product.

When this Jens Weidmann not is an a supporter of the idea of ​​issuing digital currency of the central bank and says that before so step should be taken into account all advantages and disadvantages, as well as risk management capabilities.

ECB spokesman suggests banks develop cheaper payment solution to counter Facebook's Libra

However, ECB President Christine Lagarde takes the opposite point of view. Recently she stated that on the issue of stablecoins, the financial institution should take the initiative and be one step ahead of the rest. Adding that mid-2020 of the year will be a clear plan for task force on digital currency.

text: Ivan Malichenko, a photo: kingworldnews

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