The head of SNB Jordan says Facebook's Libra project lacks vital details
|- Swiss National Bank's Jordan says that Facebook needs to provide more details on Libra.
- The regulators all over the world are skeptical about this project.
The head of the Swiss National Bank Jordan said that the central bank had no definite view on Facebook’s Libra as of yet as too many details were missing. Basically, the regulator wants to get more information on the project before making any decision on its viability.
Jordan voiced the concerns aired by SNB’s Zurbruegg, who said that Libra project had no comprehensive documentation, which made it difficult to access and analyze.
This position is shared by other regulators all over the world that retain a skeptical approach towards the coin developed by the social media giant.
Thus, a member of the Governing Council of the European Central Bank (ECB) Yves Mersch is concerned that Libra can undermine the regulator’s ability to control monetary policy. He compared Facebook’s promises with siren calls and urged Europe to ignore them.
Read more about Mersch's comments here
India and Russia are definitely against Libra, while Mersch’s colleague Benoit Coeure believes that such projects cannot develop in a regulatory void, as it is too dangerous to leave them at their own.
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