Spooked by Facebook's Libra, euro zone to step up work on public cryptocurrency

European governments are working on plans to launch a public digital currency in response to perceived threats by private digital currencies. The project is intended to allow consumers to use digital cash, deposited at the ECB, without the need for bank accounts or other financial intermediaries. This announcement comes after EU authorities explicitly mentioned the threat that Libra poses to consumers, financial stability and even "the sovereignty of European states."