In politics, few advocates for Libra to be found. The statement of the French Minister of Finance, but it is still a harsh approach.
New headwinds for Facebook’s currency plans in Europe
Switzerland wants to control the digital currency more stringent, announced the national Council in spring. Later, there were repeated reports about the planned Facebook currency, the Libra, the criticism in the Alpine Republic on the Plan called. The result was a threat of exit, a Swiss company, which had been reported previously for participation in the Facebook of crypto-network. Now resistance against the concept of Libra is stirring within Europe and elsewhere. Reports in the media, since today’s lunch, the French Minister of Finance would for a ban of the new stablecoins. What the politician Bruno Le Maire is because there are medial to log a lot more than criticism, as it is formulated for years in the direction of crypto-currencies such as Bitcoin and Litecoin, but especially to Privacy Coins like Monero.
What are the countries in the assessment?
France’s Finance Minister wants to put the Libra seems to be favourite with the help of its European Partner completely, it has a bar. The statement weighs heavily: at present, Bruno Le Maire, there are too many problems with the currency. This talk from the point of view of the politician at the Moment, clearly against a marketing authorisation in Europe. The Minister is relying on similar fears, like many a colleague. Also, the German Bundesbank demanded strict Libra controls. The Minister of Finance of France, in his speech in the context of a crypto-speaking conference of the OECD in the state capital now, so far, of a “threat to monetary sovereignty”. This Risk to the financial system should, at least for the time being, to a refusal of permission. In front of Le Maire, among other things, the Finance Ministers of the G7 countries Libra had to be put under General suspicion. Whether Facebook is really such a political position to discourage comments, may be doubted.
Not only France is positioned against Libra
On the other hand, there are other ban messages – in India, for example, the Coin will not start well. Here, too, there are government policies that make starting impossible. Facebook itself had stressed about senior Manager repeatedly, you didn’t want to make Libra a competition for real-world currencies and traditional banking services without. Instead, a TRANS-national payment system with low fees and faster processing for the Online sector. An important ally of the French Minister of Finance could find in the German Federal government. Here it is, in particular, the coupling to Fiat money-varieties and state borrowing, which classifies the policy as high risk. The fear of market distortion is that the Position of the Central banks must be secured.
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