According to Bloomberg, a member of the European Central Bank executive board Benoît Georges Coeure noted that financial regulators have to move quickly to be prepared for the push by Facebook into the financial system.

The intention of Facebook to develop Libra has policy makers scrambling. 3 financial regulators of the United Kingdom are collaborating together to find the best response to the situation.

Bloomberg states that Coeure instited that it’s not responsible to develop new financial services and categories of assets in a regulatory void. He added that financial regulators should move faster than they have been able to do up to now.

In regards to Coeure, creation of crypto coins is disclosing existing financial regulations’ gaps. At the same time, he underlines that all the projects can serve as a warning signal for regulators and public authorities, stimulating financial regulators to strengthen the way they do the things.

Overall, the ECB has approached crypto coins with caution, with one bank official making predictions that crypto coins will wind up as a total load of nonsense in the beginning of the next year. At the same time, the bank has as well taken to an account potential advantages and disadvantages of central bank digital currencies.