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Central banks call Facebook to understand the Libra cryptocurrency better

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The institutions of the financial world want to see clearly about Libra. Also in consideration of the doubts already expressed by several parties, the central banks call Facebook to obtain clarifications on the initiative. The fears are the same as those recently expressed by France.

Libra: central banks meet Facebook

Representatives of the US Federal Reserve, Bank of England and 24 other central banks will meet today with representatives of the Libra project in the Swiss city of Basel. At the center of the discussion is the functioning of the blockchain that will regulate the circulation of the cryptocurrency and the objectives pursued: on this last point we recall that since its presentation the declared ambition has been to “transform the global economy”.

The meeting will be chaired by the French Benoît Coeuré, a member of the Executive Committee of the European Central Bank since 2011. The only reply so far received by those who are part of the Libra initiative (the members of the Libra Association) refers to what was declared immediately, right from the presentation: the comparison with authorities and institutions is to be considered positive, a necessary step in view of the launch planned for next year, essential in order to gather feedback and eventually adjust the pitch before the debut.

Libra, unlike other crypto in circulation like Bitcoin, can be associated with the stablecoin category or those virtual coins whose value remains fixed (anchored to that of a traditional currency) and not subject to volatility. Also the blockchain that will manage the transactions will be different, of a permissioned type, composed of a defined number of nodes managed centrally and not distributed among the users that make up the network.

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