ECB representative suggests banks to develop cheaper payment solution to counter Libra Facebook

Jens Weidman, Central Bank ChairmanGermany and a representative of the European Central Bank (ECB), called on European banks to develop a cheaper and faster payment solution that can counter the stable Libra from Facebook.

He believes that banks should not be constantlycontact the state for immediate help, since in a market economy they must first offer their customers a competitive product of their own.

At the same time, Jens Weidmann is not a supporter of the idea of ​​issuing a digital currency.the central bank and says that before such a step, one should take into account all the advantages and disadvantages, as well as the possibilities of risk management.

However, ECB Chairman Christine Lagardeadheres to the opposite point of view. She recently said that on the issue of stablecoins, a financial institution should take the initiative in its own hands and be one step ahead of the rest. Having added that in the middle of 2020 a clear plan will be drawn up for the target group on digital currency.

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