BoE among 26 global banks due to meet with Libra amid fears over risk to state sovereignty

This article is more than 1 year old

This article is more than 1 year old

Global regulators will question Facebook on Monday about its Libra cryptocurrency amid concerns from EU governments over the threat the digital currency poses to financial stability, according to the Financial Times.

Officials from 26 central banks, including the US Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials.

Why has Facebook coined their new cryptocurrency Libra? Read more

Libra’s founders have also been requested to answer key questions about the currency’s scope and design, FT said.

Facebook did not immediately respond to Reuters’ request for comment outside regular business hours.

Countries including France and Germany have publicly criticised the social media giant’s Libra project, saying it posed risks to EU states’ sovereignty.