Facebook's cryptocurrency plan draws ECB warning on regulation

Central Bank Executive Board member Benoit Coeure has called for fast regulation following the announcement of Facebook's Libra project. According to Coeure, “It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous.” Echoing previous sentiments that digital assets regulations are lacking Coeure added, “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.”