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Facebook's Libra cryptocurrency under scrutiny from international banks

The digital currency will face questions from regulators.

Facebook Libra Virtual Currency

The Libra cryptocurrency will be put under an international magnifying glass. 

Thomas Trutschel/Getty Images

Facebook's Libra will face yet another series of questions, this time from international banks inquiring about the company's plans for the cryptocurrency. Libra representatives are meeting Monday with officials from 26 central banks from across the globe including the US Federal Reserve, according to a Financial Times report. The meeting in Basel, Switzerland, will focus on the cryptocurrency's "scope and design."

Since Libra was announced in June, government officials and regulators from across the globe have expressed their concerns. Committees in both the US House and Senate held hearings about it in July.

The Libra Association, which is the monetary authority controlling Libra that was co-founded by Facebook, says the cryptocurrency's purpose is to "empower billions of people" who don't have access to bank accounts and could use the digital currency for various transactions. 

Concerns over Libra stem, in part, from the social media company's mixed record of handling privacy issues. There are also worries about potential volatility, money laundering and consumer protections. Regulators assume that Libra could quickly grow in popularity due to Facebook's global reach.

Facebook didn't immediately respond to a request for comment. 

First published at 7:31 a.m. PT on Sept. 16.
Updated at 1:21 p.m.: adds more info

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