European Countries Plans To Ban Facebook’s Libra


September 13, 2019 12:13 am

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The French finance mister stated that the country is planning to block Facebook’s cryptocurrency Libra in the EU over concerns that it might lead a threat to the sovereignty of national currencies. Bruno Le Maire, Economy and Finance Minister of France was speaking at the opening of an OECD conference on blockchain and cryptocurrencies in Paris, France.

Le Maire said:

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

He expressed his concerns that Libra may “substitute itself as a national currency” and potentially cause financial problems. CNBC stated that Le Maire also said that he has discussed the creation of a “public digital currency” with outgoing European Central Bank president Mario Draghi and Christine Lagarde, who will be taking over his position later this year.

The Minister added:

“I don’t see why we should dedicate so much effort to combating money laundering and terrorist financing for so many years to see a digital currency like Libra completely escape those regulatory efforts.”

Le Maire highlighted Libra’s threat to national currencies, saying after the cryptocurrency’s debut in June that “It is out of question’’ that Libra be allowed to become a sovereign currency. It can’t and it must not happen. It would be a global currency, held by a single player, which has more than two billion users around the world.

However, Libra Association has stated as per follows:

“We will maintain AML guidelines, which its members will be expected to comply with if they choose to provide financial services on the Libra network. The association will set standards for its members to maintain AML and anti-fraud programs, and to cooperate with legitimate law enforcement investigations.”

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