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Global regulators to question Facebook's Libra amid EU concerns - paper

Global regulators to question Facebook's Libra amid EU concerns - paper
FILE PHOTO: Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic -
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Dado Ruvic(Reuters)
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(Reuters) – Global regulators will question Facebook <FB.O> on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday.

Officials from 26 central banks, including the U.S. Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said https://on.ft.com/2NhhLMm, citing officials.

Libra’s founders have also been invited to answer key questions about the currency’s scope and design, FT said.

Facebook did not immediately respond to Reuters’ request for comment outside regular business hours.

Countries including France and Germany have publicly criticised the social media giant’s Libra project, saying it posed risks to EU states’ sovereignty.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Himani Sarkar)

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