Germany’s Central Bank president, Jens Weidmann showed some positivity on Facebook Libra. According to Jens, the highly controversial proposed digital currency would be attractive to customers. He made the statement speaking at the recently concluded G-7 summit with other central bank heads and finance ministers of the participating nations.
On another occasion, Jens had previously expressed optimism about the idea of Facebook Libra, adding that the currency was not supposed to be a matter to be alarmed of, rather, it merely required vigilance.
Further speaking about cryptocurrencies, Jens included that cryptocurrencies(particularly, stablecoins) are asset class which could make immense wealth and prosperity. However, he also warned that users had to be careful, looking for every green light indicating safe investments and then to be aware of the risks involved. According to Jens,
“There’s no reason to be alarmed but there’ as a reason to be vigilant,”
Further maintaining his stand on the matter, he expressed his opinions of the regulatory hurdles faced with the project and urged finance ministries and regulators not to strangle the project in its early stage. Adding that should in case Libra could deliver what they promised, that customers would be attracted.
The idea of Libra recently spotted the limelight when Facebook announced plans of issuing a digital currency. Libra, as the project would later be known, has about 28 founding members of which Facebook happened to be one.
Upon the announcement, one could easily predict that the project, which regulators around the world go against for several reasons would have to face many tribulations and trial periods before its set launching date of 2020.
As expected, David Marcus, head of Libra sat before the U.S. congress few days ago to answer some important questions. Eventually, the project had to stop indefinitely until hearings were finally concluded and approval given.
Among the countries which have shown considerable disagreement with Libra are countries within the G-7. Recently, the ministers of Finance of these countries concluded that Libra would have to face heavy existing regulations while some even believed that new set of laws are necessary to put the project under total control.
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