Facebook’s libra token is one of the most ambitious private cryptocurrency projects ever because it is poised to be one of the most widely used on the planet and will cost across countries, regions, and continents. As a result of this, the token will have to navigate directly through the various frameworks and laid down rules of multiple countries and this has proven to be a tricky task. Facebook‘s libra lobbying team has been hard at work trying to clear the path for the token even as several world leaders have spoken out against it.
Now, it has been reported on September 14, 2019, that Facebook‘s Libra representatives will meet with ECB representatives as well as heads of 25 different central banks in Switzerland.
Clearing the Path
The meeting in question will take place on September 16, 2019, and will involve a meeting with the Committee on Payments and Market Infrastructure (CPMI), which is an arm of the Bank of International Settlements.
The CPMI consists of 28 member banks including the bank of England and the Federal reserve bank of New York and is also a BIS international standard setter and a member of the Financial Stability Board. This upcoming meeting is very important one for Libra as this is the first significant meeting between them and global financial leaders and because of the sheer size and diversity of the members of the CPMI, Libra could kill several birds with one stone if they are able to convince the reps for the various banks of the viability of the project.
It has been reported that the main reason for this meeting is for the various banks to assess the risk of the Libra project which has been a current topic in the last few months because there has been concern about how Libra will adhere to the rules in the various countries of the world as well as how Facebook intends to prevent the token been used for criminal activities such as money laundering.
It should also be noted that there are rumors of the European Central Bank looking into its very own digital currency as well a statement by Bruno Lemarie, the French finance minister in which he gave a similar sentiment. Since the announcement of the Libbra token, China has begun developments on is a national token which is believed to be a direct response to Libra.