Frankfurt’s Goethe University’s, Center for Financial Studies (CFS) surveyed the upcoming digital currency project by Facebook. The survey was conducted among the German bankers, and about 76% believe that the Libra could harm the country’s monetary policy. 6% of the respondents believe that the upcoming Facebook coin could weaken the stability of the global economy.
German Banks might not kill Facebook Coin
The study conducted by the university highlighted the views of various German and German-American Banks that most of these bankers see the project as an unstable project that has no future in the market due to the past of Facebook and because of the uncertainty of its long term plans.
The surprising result was that about 61% of these bankers suggested that they won’t suggest banning the asset. The bankers are sure about the fact that this asset would cause harm to the global market; these bankers have advised strict policies to monitor the Facebook Coin. Hubertus Vath from Frankfurt Main Finance said that the survey has proved that the banking sector is open for innovation and technology, but it also keeps a close eye for the potential risks.
Libra and its struggle in Europe
With the restrictions from the banks and the government’s opposition, Libra is sure that it would be a difficult task for the digital currency to make its way into Europe. The whole world is questioning the digital currency while the Germans have made up their minds about the asset.