A European Central Bank (ECB) policy maker is urging banks in the area to find alternatives to Facebook’s proposed cryptocurrency Libra, according to a report by Bloomberg .
Jens Weidmann said banks should come up with their own cheaper and quicker systems to move money around, to create different options than Facebook’s Libra. He also said the bank doesn’t yet need to develop its own currency.
“I’m not in favor of always immediately calling on the state” to come up with solutions, Weidmann said Thursday (Jan. 2). “In a market economy, it’s up to companies to develop products that meet customer […]