Digital currencies such as Facebook’s (FB.O) Libra digital coin will disrupt the financial system by either forcing central banks to innovate or because states will cede a key role to a new global player, ECB board member Benoit Coeure said on Tuesday, reports Trend referring to Reuters.
“Global ‘stablecoin’ initiatives, such as Libra, will prove disruptive in one way or another,” Coeure told a conference in Luxembourg. “They are the natural result of rapid technological progress, globalisation and shifting consumer preferences.”
“Libra has undoubtedly been a wake-up call for central banks to strengthen their efforts to improve existing payment systems,” Coeure added.