Germany’s central bank chief in favor of Facebook’s Libra crypto

Jens Weidmann, president of Germany’s central bank, the Deutsche Bundesbank, has come out in favor of Facebook’s planned cryptocurrency, Libra.

“There’s no reason to be alarmed but there’s reason to be vigilant,” Weidmann said at a recent G7 meeting, according to a report from Reuters on Thursday.

The president, who is also a European Central Bank policymaker, reportedly said that Facebook could go ahead with Libra only after answering all questions. The social media giant's blockchain lead David Marcus recently committed to U.S. senators and congressional representatives that Libra will go ahead only after addressing all concerns, including regulatory.

Weidmann reportedly also said that if Libra delivers on promises, it can be “attractive to consumers,” according to a post by Germany’s financial news outlet Handelsblatt, as shared by eToro senior market analyst Mati Greenspan on Twitter.