|17 October, 2019

Global regulators don't plan to ban Facebook's Libra: ECB's Coeure

They will have to meet the highest regulatory standards: European Central Bank director Benoit Coeure

Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken, September 13, 2019.

Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken, September 13, 2019.

REUTERS/Dado Ruvic

FRANKFURT - Global financial regulators have no plan to ban Facebook's Libra or other stablecoins, but they will have to meet the highest regulatory standards, European Central Bank director Benoit Coeure said in an interview published on Thursday.

"There is certainly no judgement that stablecoins shouldn’t exist," Coeure told Bloomberg News before presenting his taskforce's recommendations on the matter to G7 leaders.

"In the case of Europe, neither the Commission nor the ECB intend to make Europe a no-fly zone for stablecoins. But stablecoins will have to meet the highest regulatory standards and adhere to broader public policy goals."

(Reporting By Francesco Canepa; editing by John Stonestreet) ((@FranCanJourno francesco.canepa@thomsonreuters.com; 004906975651247; Reuters Messaging: francesco.canepa.thomsonreuters.com@reuters.net))

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