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  • European Central Bank (ECB) executive board member Benoit Coeure urged regulators to act on Facebook’s Libra
  • He believes banks are falling behind with the adoption of new technologies.  

 

The European Central Bank (ECB) executive board member Benoit Coeure was recently speaking to Bloomberg urging that financial regulators must act quickly in the preparation for Facebook’s Libra stablecoin,.

Beniot Coeure detailed that allowing for the development of new financial services and asset classes in a regulatory void would be irresponsible

 “We as financial regulators have to move more quickly than we’ve been able to do up until now.”  

Further speaking on the development of digital assets has exposed some gaps in current financial regulations, in addition to picking out that banks’ slow rate of adoption of new technologies:

 

 “All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.”