Facebook Libra launching during the second half of 2020

Crypto Credit Lines Sponsored   Bitcoin Crypto 2 mins France Blocking Facebook Libra in EU Shows True Power of Bitcoin Tony Spilotro 2 hours ago

While speaking at a conference in Paris, Le Maire said: "I want to be absolutely clear: in these conditions, we can not authorise the development of Libra on European soil".

One of the governments who have openly come out to criticise Libra is the French Government which said it would block the development of Facebook's Libra in Europe.

Speaking at an OECD conference in Paris on Thursday, French finance minister Bruno Le Maire said Libra would put the sovereignty of governments at risk.

United States lawmakers don't trust Facebook's Libra They say Facebook has a "pattern of failing to keep consumer data private".

Recall that Nairametrics had reported that concerns were raised that Libra could reduce the European Central Bank's control over the Euro and threaten the economy as well. "In these circumstances, we cannot authorize the development of Libra on European soil".

Bertrand Perez, General Director of the Libra Association, in an interview with Les Echos recently aired some of the latest developments around Facebook's controversial digital currency, which has been a source of debate and controversies globally.

"With the Libra project, the monetary sovereignty of [European] States is at stake", said Le Maire. Many others like the Finance Minister have taken a similar viewpoint and stance against the social media company's foray into the world of digital assets. "To date, while Facebook and [its Libra-focused subsidiary] Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal information", the statement said.

To achieve this goal, we still have work and especially with the regulators. It includes a warning that the coin scheme will face more scrutiny than usual because it aims to go beyond being a mere payment system.

"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", he said.

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