ECB’s Mersch attacks Facebook’s ‘cartel-like’ libra structure

Senior ECB official accuses currency project of “treacherous promises”

Yves Mersch
Yves Mersch: “Why bank on a proxy when one can put one’s trust in the genuine article?”

A senior European Central Bank official has attacked Facebook’s proposed digital currency for being organised like a cartel and the US tech company for making “treacherous promises”.

ECB executive board member Yves Mersch used unusually strong language in his September 2 speech on libra, which Facebook is due to release in the first half of 2020.

He said libra would be released by “the very same people who had to explain themselves in front of legislators in the US and the European Union on

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