France promises to block Libra project in Europe

Posted 12 September, 2019

France intends to block the process of developing the Libra project in Europe. The country's finance minister,  Bruno Le Maire, stated that Facebook cryptocurrency could threaten monetary sovereignty, trying to become an analog of banking and fiat money. 

 “The monetary sovereignty of countries is at stake from a possible privatisation of money … by a sole actor with more than 2 billion users on the planet,” -he said.

The official condemned the developers of Libra for speaking about "replacing the fiat with cryptocurrency," because he considers the euro and other funds necessary for the modern financial system. If the company's policy does not change, France can not only prohibit the use of applications that support the coin, but also any payments or other operations with it.

The head of the Swiss financial regulator FINMA, Mark Branson, has previously expressed the completely opposite opinion. According to the statement, Libra representatives have already begun negotiations with the Central Bank on the full integration of cryptocurrency into the country's monetary system. The project must comply with the legal requirements of Switzerland and be subject to regulation.  

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