Libra Is An “Innovative Concept” And Should Not Be Suppressed: Germany’s Central Bank Head

Jens Weidmann, the President of Germany’s Central Bank Bundesbank, stated that global regulators should not suppress Facebook’s Libra project in its early stages. The statement appeared in an email newsletter shared by Mati Greenspan, a senior marketing analyst at eToro.

The letters appears to show support by Weidmann of the Libra project at the G7 meeting and his position that such a project can be attractive to consumers. He also appears to inform the global community that it needs to give more time for such initiatives.

It appears that G7 finance ministers do not agree with Weidmann’s position. They recently warned about the risks of digital currencies on the world’s financial system sans regulation. Bruno Le Maire also reported stated during a news conference that G7 “cannot accept private companies issuing their own currencies without democratic control.”

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