ECB Also said Facebook is that the monitor faces tough scrutiny

FILE PHOTO: Francois Villeroy de Galhau, the governor of the Bank of France, attends the Group of 20 (g-20) high-level seminar on financial innovation “to build Our Future in the Digital Age,” on the sidelines of the G-20 group of finance ministers and central bank governors ‘ meeting in Fukuoka, Japan, on Saturday, the 8th of June, 2019 at the latest. Kiyoshi Ota/Pool via REUTERS

LONDON (Reuters) – the European Central Bank board member and Francois Villeroy de Galhau said on Tuesday that “stablecoins” as Facebook, the Scale height of holes in the rules as well as the media giant’s project was confronted with a difficult regulatory environment.

Facebook is scheduled to Scale, it is the most well-known of the stablecoins, cryptocurrencies are covered by the assets, as well as the traditional cash deposit for short-term government securities, gold or platinum.

“‘Stable, will be very different from a speculative asset such as Bitcoins. However, the regulator will, therefore, be very, very close eye on at the global level, and let me tell you, we’re all going to do that,” Also, he said.

Facebook has said that it is likely to make an application for a licence as a payment services operator is the case in Switzerland, but this may not be rich enough in order to satisfy the regulatory authorities.

“As the issuers of stable currencies, also offer banking services such as deposits, investment and loans, and so they will need to obtain a banking license in all of the countries in which they operate. Otherwise, these activities would be illegal,” it Also said.

Reporting by Huw Jones and Marc Jones

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