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World Biggest Economies Urged To End "Sandbox" Approach To Cryptocurrency Because Of Facebook
Summary: Benoit Coeure who has been charged by the worlds biggest economies with researching the rise of virtual currencies, is calling for an end to the “sandbox” approach used in regulating these stablecoins, according to Bloomberg. Coeure’s call for action seems to be based on Facebook’s Libra project as Coeure stated “Until recently, we’ve taken a ...
Benoit Coeure who has been charged by the worlds biggest economies with researching the rise of virtual currencies, is calling for an end to the “sandbox” approach used in regulating these stablecoins, according to Bloomberg.
Coeure’s call for action seems to be based on Facebook’s Libra project as Coeure stated “Until recently, we’ve taken a sandbox approach to fintech regulation under which we could afford to give projects a chance and see how risks materialize, but now we have an elephant in the sandbox, so that approach doesn’t work anymore.”
Coeure urged quick action to set the “highest regulatory standards” for these private initiatives. Coeure also stated that he believes virtual currency backed by public authorities are going to be a part of the future.
By Ramsey Baker
Tags: Coeure,Cryptocurrency,Facebook,Libra,Sandbox
Link: World Biggest Economies Urged To End "Sandbox" Approach To Cryptocurrency Because Of Facebook [Copy]
