Facebook’s motto has been to move fast and break things. That battle cry is about to be tested as regulators across the world are being urged to act even faster and prevent the tech firm from developing its Libra cryptocurrency in a ‘regulatory void’.

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ECB Member of the Executive Board Benoit Coeure has called for rapid regulation of Facebook’s crypto Libra. | Source: AP Photo/Bundas Engler

, a member of the European Central Bank’s Executive Board, it is ‘just too dangerous’ for tech giants such as Facebook to issue cryptocurrencies without having proper financial regulations in place, Bloomberg reports:

It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.

Libra has poked the bear

The ECB executive board member also stated that digital currencies will serve a ‘wake-up call’ for regulators. Consequently, this might result in regulatory bodies making improvements in their operations.

While Bitcoin and other cryptocurrencies have been around for years now, Facebook’s plan to launch a digital currency has particularly triggered central bankers, policy makers and regulatory bodies across the world.

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