Chairing the gathering will be the European Central Bank's Benoît Coeuré that will be questioning Facebook over the digital money's "scope and design".
A Libra spokesman said the event was "constructive", adding that the association was committed to engaging with central banks and regulators to realise its goal of a stable and low-priced payment system.
Both France and Germany asserted that Libra should be flagged in the European Union because it would compromise governments' "monetary sovereignty" Facebook has presented Libra as a means of democratizing cash, supplying several first-timers with banking and establishing a model that is autonomous of any nation.
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It is no longer news that Facebook's attempt to launch the Libra currency in partnership with a consortium of tech companies has met multiple regulatory oppositions, include a hearing before the U.S Congress.
"The monetary sovereignty of countries is at stake from a possible privatisation of money by a sole actor with more than 2 billion users on the planet".
"Libra will be backed 1:1 by a basket of strong currencies". Coeuré has warned that "the bar for regulatory approval will be very high" for Libra to operate in the EU.
The US Federal Reserve also sounded the alarm and declared that Libra raises serious concerns regarding privacy, money laundering, consumer protection and financial stability.
Along with the German and French finance ministers, ECB board member Benoit Coeure has also labeled Facebook's Libra plans as "a wakeup call", and said, "We need to step up our thinking on a central bank digital currency". Over the weekend, for instance, politicians in France and Germany said they would consider blocking access to Libra if it posed a threat to their financial sovereignty.
US President Donald Trump has already slammed virtual currencies for their alleged shadowy nature and argues that Libra has no standing nor dependability - unlike the greenback.