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Global regulators to question Facebook’s Scale, in the middle of the EU: paper

FILE PHOTO: a Small toy figures in the painting are to be seen in the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic

(Reuters) – Global regulators question Facebook on Monday about the Scale cryptocurrency, in the midst of the doubts raised by the European Union and the governments about the threat posed by the digital currency is for financial stability, the Financial Times reported on Sunday.

The officials, from 26 central banks, particularly the united states Federal Reserve and the Bank of England, will meet with representatives of the Scale, in Basel, on Monday, the FT said, citing officials.

Libra’s founders have also been invited to answer questions about the currency, size and design, the FT said.

Facebook, do not immediately respond to Reuters’ request for comment outside of regular business hours.

Other countries, including France and Germany, have publicly criticized the social media giant’s Scale the project, saying that it posed a risk for the EU, the sovereignty of the states.

Reporting Bhargav Acharya, Bengaluru; Editing with the ipad, Himani

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