Benoit Coeure, a member of the European Central Bank’s board of directors, says the digital monetary Project Libra, developed by Facebook, cannot be implemented unless the demands of regulators are met.
Benoit Coeure recently made some statements about Facebook at the G7 meeting held in France.
Like many other regulators, Coeure expressed some concern about the security of the Libra project. According to his descriptions, this digital currency is primarily safe for the realization of this project, users should not be compromised in any way:
“From the first day it has to be safe and robust. There’s nothing to learn in time. It either works or does not work. “
Coeure mentioned issues such as data confidentiality and personal security and said that such things could not be ignored. According to the explanations made by him, there will be very intense cooperation between regulators and Facebook in order to reach the standards required in these areas. His comments are as follows:
“In this process, we can sit down as regulators and have some shortcomings to think about, inconsistencies. However, such a project will not come to life unless we fix our own question marks and prepare the necessary arrangements. “