European Central Bank (ECB) Executive Director Benoit Coeure said that the ECB has no immediate plan to ban the use of Facebook’s Libra and other stable coins.
He told Reuters this week that there is no clear-cut conclusion or judgment that stable coins should not exist. He said the ECB would not ban stable coins like Libra.
However, he said digital tokens should meet the regulatory requirements.
His statement contrasts with the other announcements made by a few EU monetary authorities. France has claimed that Libra should be banned in Europe as it would infringe upon the currency sovereignty.
Facebook founder and CEO Mark Zuckerberg is to appear on the U.S. Congressional hearing on Oct. 23. He would answer questions from Congressional representatives about the future of Libra.
Recently, Visa, Master Card, PayPal, and other global enterprises withdrew their support for LIbra.
