Tuesday , November 29 2022
Home / Crypto news / France Refuses to Authorize Facebook Crypto Libra in Europe

France Refuses to Authorize Facebook Crypto Libra in Europe

Summary:
France's finance minister Bruno Le Maire says Facebook's Crypto Libra won't be allowed to develop in Europe. | Source: ShutterstockFrance’s Bruno Le Maire has reportedly warned that the country will block the development of Facebook’s in-house cryptocurrency, Libra, in Europe — citing threats to the “monetary sovereignty” of the continent’s governments.The Minister of the Economy and Finance stated today at the opening of an OECD conference on cryptocurrencies:I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil.Facebook’s self-labeled cryptocurrency is slated for launch sometime next year after being first announced this past June.Global Governments Taking NoticeMany view Libra not so much as a competitor to decentralized

Topics:
Adam Scott considers the following as important: , ,

This could be interesting, too:

Ibukun Ogundare writes Crypto Fraud in UK Claims 32% to £226M amid Recession

Benjamin Godfrey writes Web3.0 Staking Platform Kiln Raises .6M from ConsenSys, Others

Bhushan Akolkar writes Post FTX Collapse, Founder of Three Arrows Capital Hints at Comeback

Sanaa Sharma writes Tron Founder’s WETH Insolvency Joke Lands Market into Frenzy

France’s Bruno Le Maire has reportedly warned that the country will block the development of Facebook’s in-house cryptocurrency, Libra, in Europe — citing threats to the “monetary sovereignty” of the continent’s governments.

The Minister of the Economy and Finance stated today at the opening of an OECD conference on cryptocurrencies:

I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil.

Facebook’s self-labeled cryptocurrency is slated for launch sometime next year after being first announced this past June.

Global Governments Taking Notice

Many view Libra not so much as a competitor to decentralized cryptocurrencies like Bitcoin but rather to central bank-issued currencies — a fact not lost on governments the world over.

In the United States, a Congressional hearing was held in July that saw Facebook’s cryptocurrency viciously attacked by various senators — including Senator Sherrod Brown and Senator Martha McSally, with the former claiming that Facebook “doesn’t deserve our trust” following a slew of privacy-related scandals.

Russia has taken a calmer approach to Libra thus far, with reports claiming that regulators in the country plan on treating it like any other digital currency.

China, meanwhile, has reportedly kicked plans for its own state-issued cryptocurrency into high gear in an effort to get in front of Facebook’s Libra. The People’s Bank of China’s deputy director recently claimed the country’s cryptocurrency will likely be used with WeChat and Alipay.

France vs. Facebook’s Libra

France has long been skeptical of allowing Facebook to issue its own centralized private currency in the European Union, so today’s statement does not come as a surprise.

Le Maire has been one of the most outspoken critics of Libra since it was first announced — repeatedly claiming that the private company behind it is not realistically capable of adhering to the strict standards and responsibilities of central banks and governments.

Last modified (UTC): September 12, 2019 11:02 AM

Leave a Reply

Your email address will not be published. Required fields are marked *