Libra to be questioned by 26 central banks over financial stability

Yesterday the Financial Times reported that officials from 26 central banks around the world will meet with Libra representatives to discuss trust and stability. The meeting will be held today by the Bank of International Settlement’s Committee on Payments and Market Infrastructure (CPMI) and hopes to clarify the scope of Facebook’s digital currency project. The reported 26 banks are likely to be the members of the CPMI, which is an international payment standards body. They include the People’s Bank of China (PBOC), the U.S. Federal Reserve, the Bank of England, and the European Central Bank. Officials will meet with staff of the Switzerland-based Libra Association in Basel today. These banks are no strangers to Libra. The Bank of England’s Governor, Mark Carney, has made detailed comments on the currency before. Plus, U.S. regulators have been some of the most critical of Libra from the start. Members of the House asked for a halt of activities, and Libra’s David Marcus was questioned by the Senate’s Committee on Banking, Housing and Urban Affairs.

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