European Central Bank board member Yves Mersch has warned against Facebook’s charming but treacherous promises on Monday, 2nd Sept. He said, “Libra currency may sabotage the ECB’s ability to manage the economy and threaten the euro itself”
Further, he added, “Libra may lower the ECB’s control over the euro, depending on Libra’s level of acceptance and crediting the euro in its reserve basket. It will also impair the monetary policy transmission mechanism and affect the liquidity position of euro area banks”. He hopes that Europeans will not be tempted with Facebook’s siren call ignoring present safe and secure payment solutions.