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Libra and Regulators Should be More ‘Creative,’ Claims BaFin President

2 mins
Updated by Kyle Baird
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Anyone who has been paying attention shouldn’t be surprised to hear that Facebook’s Libra stablecoin project isn’t in the greatest of places.
After all, Libra just lost some of its key members, eBay and MasterCard, among others, as BeInCrypto has previously reported. Then, there are many regulatory parties that simply aren’t on board with the project due to Facebook’s history with privacy concerns, and other matters. However, some out there claim that despite these knockdowns, Libra isn’t going anywhere. Libra Most notably, speaking to CNBC is one Felix Hufeld, the president of the Federal Financial Supervisory Authority (BaFin), who claims that despite Libra and regulators having the same goal when it comes to digital assets, they’re going about it in different ways, and that doesn’t mean that Facebook’s project will suddenly just go away. Libra, if it were to become the “de facto” currency of today, regulators would find that “unacceptable,” Hufeld says. But, he continues, stating that this hesitance is not “the final word” to him. Instead, Hufeld believes everyone working on the world’s financial system should be more “creative.” This could be either traditional regulators reinventing finance, or potentially Libra and Facebook doing so, or something else coming into the picture. Libra That said, it can’t be understated enough that digital assets, blockchain technology, and the like are still so early on in their development that the two parties need to help one another. That Libra and regulators are in a “dialogue” with one another to “figure out how things are evolving.” Of course, Facebook might not be as open as they could be regarding their project, considering the Federal Reserve could be looking into its own digital currency to compete with it. But, parties across the world working to improve this technology is the only way to make it ready for mainstream adoption, and Hufeld believes Libra is one of the biggest players in the game. What do you think about Libra and its potential to push cryptocurrencies forward? Let us know your thoughts in the comments below.
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Max Moeller
Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and...