ECB Head Warns Of Libra Stablecoin Risks In Letter To EU

Law360 (December 20, 2019, 7:55 PM EST) -- The president of the European Central Bank sent a letter to the legislative branch of the European Union that warned of the risks involved with so-called stablecoins, including Facebook’s unreleased Libra cryptocurrency.

Christine Lagarde's letter to the European Parliament on Thursday expanded on her comments in a hearing before the EU branch’s Committee on Economic and Monetary Affairs in November, telling parliament members the ECB has been closely monitoring and assessing the benefits and risks of stablecoins within the financial and payment sectors.

While enthusiastic about the potential benefits of stablecoins like Libra in streamlining cross-border payments, the ECB president highlighted...

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