Benoit Coeure, a board member of the EU central bank, stated that Facebook’s Libra coin won't launch till international regulators are satisfied.

Speaking to Reuters at the G7 summit in Chantilly, France on July 18, Coeure same that the planned stablecoin should be guaranteed to be safe for users before it will launch:

“You’ve got to be safe, strong and resilient from day one. It’s not a learning process: either it works or it doesn’t.”

Coeure declared that guaranteeing the protection of user privacy and ownership rights might need vital consideration and lengthy discussion by regulators:

“Down the road we'd realize that there are gaps or inconsistencies that will need a prolonged discussion by regulators on the way to have it away differently. Authorities aren't going to let any such projects happen before we've answers to our queries and before we have the correct regulative framework.”

Earlier this month, Coeure entailed quick action from international regulators in respect to Libra. The ECB official same that permitting the introduction of a very new asset like Libra on such a large scale, while not proper regulations and safeguards, would be feckless.

Coeure additionally declared that the fast development of digital and crypto assets has exposed gaps and shortcomings in existing regulative structures and has underlined however slow banks are to adopt new technologies.

“All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to boost variety of queries and may build us improve the manner we tend to do things.”

The official’s G7 working party on stablecoins can reportedly explore the issue leading up to the International financial Fund’s yearly meeting in October, whereupon he can supposedly pass the work on to the monetary Stability Board.

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