ECB official on Libra: Don't be tempted by 'beguiling but treacherous promises of Facebook’s siren call.'
A high-ranking European Central Bank official on Monday outlined problems with the planned cryptocurrency Libra, the latest in a series of warnings from government officials.
In a speech at a Frankfurt legal conference, he wryly noted that Libra was coming from “the very same people who had to explain themselves in front of legislators in the United States and the European Union on the threats to our democracies resulting from their handling of personal data on their social media platform,” a reference to Facebook FB, +0.05%.
“With such a setup, it is difficult to discern the foundational promises of decentralization and disintermediation normally associated with cryptocurrencies and other digital currencies. On the contrary, similarly to public money, Libra will actually be highly centralized, with Facebook and its partners acting as quasi-sovereign issuers of currency,” he said.
Libra also lacks a global lender of last resort and is devoid of the equivalent of a depository guarantee scheme, he said.
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