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Libra could challenge the US dollar, ECB official says

( September 18, 2019, 09:36 GMT | Official Statement) -- MLex Summary: Privately owned cryptocurrencies such as Facebook's Libra could challenge the widespread use of the US dollar in the global financial system, the European Central Bank's Benoît Cœuré said in a speech. Transaction and switching costs were likely to be lower for digital payment methods than for conventional currencies such as the euro which had sought to challenge the dollar's dominance, Cœuré said. Cœuré is due to pen an October report on the rise of so-called stablecoins for the group of seven leading industrialized nations.Speech attached. ...

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