France Warns To Ban Facebook Libra In Europe

  • France official sent a warning to ban Libra
  • Possible privatization of money?

france-ban-facebook-libra-europe-2019

Another day another obstacle for Facebook Libra. yesterday, we reported Switzerland demanding additional requirements to get the swiss payment license. Today, France has also sent the warning to Facebook Libra, threatening to ban in Europe.

France official sent a warning to ban Libra

Bruno Le Maire, Minister of the Economy and Finance of France has quoted saying, “I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil,” Bruno Le Maire said at the opening of an OECD conference on virtual cryptocurrencies.

Possible privatization of money?

The official has said, Facebook Libra is a threat to the “monetary sovereignty” of governments. “The monetary sovereignty of countries is at stake” from “possible privatization of money … by a sole actor with more than 2 billion users on the planet,” he said.

Bruno Le Maire highlighted the fear of people abandoning national currencies and these digital assets. This could lead the governments to lose control over the economy of the nation,

Libra Cryptocurrency by Facebook is announced back on June 18, 2019. It is scheduled to be launched in the first half of 2020. This project is backed by some prime firms in the payment industry like VISA, Mastercard, and Paypal. The social network behemoth has also backing from Lyft Inc. and Uber Technologies Inc.

Despite the giants backing up the project Libra, there is way harder to travel before the cryptocurrency will launch officially.

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