Jens Weidmann, President of the German Federal Bank and member of the Board of the European Central Bank, urged his colleagues to work on developing a cheaper and faster alternative for money transfers in order to prevent the spread of Libra stablecoin. However, he noted that the ECB has no good reason to issue its own digital currency. “I am not a supporter of always appealing to the state immediately. In a market economy, the development of products that meet customer needs is the business of companies” he said in a conversation with the German publication Handelsblatt. Weidman also noted that Libra can gain importance in countries that do not have a stable national currency or a developed payment infrastructure.