Libra Under Scrutiny from Banks

Facebook’s Libra will face yet another series of questions, this time from international banks inquiring about the company’s plans for the cryptocurrency

Libra representatives are meeting Monday with officials from 26 central banks from across the globe including the US Federal Reserve, according to a Financial Times report. The meeting in Basel, Switzerland, will focus on the cryptocurrency’s “scope and design.”

Concerns over Libra stem, in part, from the social media company’s mixed record of handling privacy issues. There are also worries about potential volatility, money laundering and consumer protections. Regulators assume that Libra could quickly grow in popularity due to Facebook’s global reach.

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