(BlockBar) European Central Bank （ECB） executive director Benoit Coeure said financial regulators must act quickly to prepare for US technology giants such as Facebook to enter the financial system.

It has been nearly half a month since Facebook released the Libra white paper, and the voices of discussion and skepticism have been constant. The industry is generally optimistic that Libra can start a new financial revolution; at the same time it has been besieged by lawmakers and regulators around the world. It is foreseeable that Facebook’s Libra will face an unprecedented regulatory review and regulation.

The UK’s three major financial regulators are working together to find out how to make the best response. Bank of England Governor Mark Carney has said that the Bank of England is treating the issue “with an open mind rather than an open door.”

According to Bloomberg, Benoit Coeure said in Aix-en-Provence, Provence, in southern France, that it is irresponsible to allow the development of new financial services and asset classes in a regulatory vacuum. According to Coeure, “We have to move more quickly than we’ve been able to do up until now.”

Coeure said that the development of digital assets exposed the current loopholes in financial regulation and highlighted the slow adoption of new technologies by banks:

“All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.”

The ECB is usually cautious in dealing with crypto assets, and a bank official predicts that encryption will become “a bunch of nonsense” in January next year. The central bank also discussed the possible benefits and disadvantages of the central bank’s digital currency.

The plan also sparked heated debates in Washington, and more than 30 influential groups called for a moratorium on the plan to address the “deep problems” caused by the plan. Currently, Facebook plans to accept the hearing of the US Senate Banking Committee on July 16th, and David Marcus of the Facebook blockchain project is expected to attend.