Officials from 26 central banks will question representatives of Facebook Inc.'s Libra on Sept. 16 amid European governments' concerns over the digital currency, London's Financial Times reported.
Libra's founders will face the Committee on Payments and Market Infrastructures at the Switzerland-based Bank for International Settlements to provide details on the currency's scope and design. The findings will be included in a report for G-7 finance ministers in October.
Benoît Coeuré, a member of the European Central Bank's executive board, said Libra will have to hurdle a "very high" bar to obtain regulatory approval and operate in the EU, according to FT.
The ECB said it was working on plans to launch a public digital currency as an alternative to Libra, Reuters reported.
Finance Ministers Bruno Le Maire of France and Olaf Scholz of Germany threw their support behind the ECB's planned cryptocurrency, citing risks associated with Libra.
The French government intends to block Libra in Europe due to concerns about consumer risk and governments' monetary sovereignty.
Meanwhile, German lawmaker Thomas Heilmann warned about Libra's potential to dominate the digital currency market at the expense of competitors, according to a separate Reuters report, citing Der Spiegel.
Facebook earlier asked the Swiss Financial Market Supervisory Authority to assess how it would classify Libra under Swiss law.
