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Libra looks to be banned across the EU….before it’s even launched

12 Sep 2019 : 15:35
2 min read

Facebook’s Libra cryptocurrency looks to be coming up against more resistance by the day.  The latest news related to Libra’s show that France is not going to open its doors to the cryptocurrency. The French Minister of Economy and Finance, B. Le Maire, told the UK’s media outlet The Independent, that they are already taking measures to block the digital currency not only in France but also in the EU, as “it poses a threat to monetary sovereignty.”

Bruno Le Maire has previously commented on the danger of Libra and the consequences that it could produce in the whole cash system. The testimony was given during an OECD conference on cryptocurrencies in Paris, France.  The Minister affirmed the following: “I want to be absolutely clear: In these conditions, we cannot authorise the development of Libra on European soil. It is out of the question that Libra be allowed to become a sovereign currency. It can’t and it must not happen.”

This is not the first or the last announcement a government official has made regarding the currency. A few weeks ago, Powell named Libra’s in his speech at the House of Representatives Financial Services Committee, saying:

Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability. Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action”.

Image licensed via Shutterstock

Michela Silvestri

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