A meeting of Facebook Libra representatives with twenty-six central banks will be held on September 16

The cryptocurrency project Libra, the giant of social networks Facebook, has faced sharp resistance from politicians around the world. Tomorrow Libra representatives will have a chance to solve these problems at an official meeting in Basel with global regulators.

This will be the first official meeting between the leaders of the Facebook cryptocurrency project and politicians from around the world. Facebook representatives will have to answer many questions regarding the project and the threat it poses to financial stability. It is reported that officials from 26 central banks, including the US Federal Reserve and the Bank of England, will attend the meeting.

Libra executives will need to talk about the capabilities and structure of the project — representatives of central banks are interested in the scope of the future cryptocurrency and the true scope of the project. Based on the results of the meeting, a report will be prepared which is planned to be submitted to G7 finance ministers in October.

Benoît Coeuré of the European Central Bank (ECB), who will chair the meeting, warned that due to distrust of Facebook and Libra, regulatory approval will not be easy to obtain. Governments have expressed serious concern about the development of Libra and other digital technologies, which could potentially destabilize the financial system and undermine the sovereignty of governments and central banks.

The project faced serious resistance from France; This week, Finance Minister Bruno Le Mayor said the country plans to block Libra cryptocurrency in the EU.

He said:

“This will be a global currency owned by one player, with more than two billion users worldwide. Monetary sovereignty of states is at stake. ”

EU Vice President Valdis Dombrovskis said:

“There are certain concerns about the consequences for financial stability. Risks must be fully understood and the EU must act in concert. ”