“The Libra reserve, and all the thinking that went into ensuring that actually Libra is based on assets that are managed, controlled and generated by central banks, is very much a complement to monetary policy,” he said, but did not elaborate on how.
It “wouldn’t make sense” to abandon Libra in that scenario as it will be even more effective, allowing greater focus on enabling cheap and fast payments on top of the central bank issued assets, added Mr Catalini. JPMorgan’s Mr Farooq said that, on the contrary, he would be tempted to kill the JPMorgan coin, if the US Fed comes up with its own digital currency. That being said, he added the caveat that it has to be “well designed”, otherwise it could result in the current commercial banking system that runs the world to be at risk.
Source: News Formal (newsformal.com)
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