on the crypto
Il Financial Times, one of the most influential newspapers in the field of finance, revealed that there will be a meeting between the representatives of the Libra project on Facebook and those of 25 central banks.
The meeting is scheduled for today 16 September, at the Payments and Market Infrastructure Commission, the CPMI, and the BIS or the Bank for International Settlements. The meeting will be held in Switzerland in Basel.
The CPMI is a group composed of 28 banks, among which there are the central banks of the United States (the Federal Reserve Bank of NY), the ECB (eurozone), Japan (BoJ), Great Britain (ie the Bank of England), the PBoC the Chinese central bank, the Swiss National Bank the Swiss National Bank.
This will be the first meeting between the main representatives of the global central banks and those dealing with the Libra project on Facebook. In fact, until today there have been meetings or contacts with individual banks, but there has never been a general meeting between these and the representatives of the new stablecoin.
Benoit Coeure (ECB): meetings necessary to reach an agreement
Today's meeting in Switzerland, is therefore seeing the representatives of the most influential European central banks in the world involved, so it is very important to understand at a regulatory level how Libra will work and above all to be able to find a real meeting point. Not only that, the meeting, seeing several representatives gathered is currently the most important, compared to all those that have been held until today.
Among the representatives present at the meeting there will be Benoit Coeure, ECB executive, who during a statement said that the level to which Libra will have to gain regulatory approval for his stablecoin will be at a high level. For this reason, meetings are needed, which can allow a meeting point on a possible agreement that allows the project to continue to develop in full compliance with the regulations in force.
A climate that is not favorable to the Libra project
Despite the words of Benoit Coeure, the climate in which Libra will move during the meeting is not particularly favorable to the definitive establishment of this stablecoin.
In first place we find the BIS, which has always been critical of not only Libra but of all cryptocurrencies, recently there have also been several German and French politicians who have issued statements against the development of the Libra project in the European Union.
China also seems to be among the project's opponents, and of course the United States, which in the last period have repeatedly attacked the project, judging it on some occasions as dangerous for the world economy.
The most favorable to the spread of Libra, it would seem to be precisely the Swiss, who are hosting today's meeting, despite the fact that the Swiss bank's power, if not exactly limited, could become irrelevant if contrasted by the opinions of other banking groups such as the Chinese and US banks.
As for the ECB despite the not-so-positive opinions of some French and German exponents, at the time of the new governor's inauguration, this could prove favorable or at least less hostile towards Libra. But this does not mean that it is ready to give the green light to stablecoin-
Mark Zuckerberg: we await the green light
The CEO of Facebook, Mark Zuckerberg, wanted to reiterate that he will not proceed with the Libra project without obtaining the green light from the central banks. So these meetings are proving to be fundamental for the future of stablecoin. Given the attempt to convince the various market regulators to approve the project. Therefore, the launch of the stablecoin should be scheduled for the second half of next year. In this period the regulators will have plenty of time to check: project validity, compliance with regulations, and possible final approval for market launch.
