Financial stability and data privacy could be under threat from digital currencies issued by big technology firms such as Facebook's Libra, the European Central Bank has warned.
Private firms issuing stablecoins — a form of digital cash tied to fiat currencies such as the dollar — are not protected by bank safeguards and are vulnerable to runs if users, "who bear all the risks", expect prices to fall, ECB board member Fabio Panetta said in a speech on 4 November.
