France Blocking Libra Coin
The Minister of Finance in France, Bruno Le Maire, revealed that France would be banning the Libra Coin from the country. This also means terminating any development of the currency on France Soil. This decision wasn’t made lightly, as politician worldwide have been concerned with the impact of the Libra Coin on financial markets. Bruno believes that this digital currency could impact the monetary value of the Euro, which would be destructive for millions.
Bruno Le Maire Stated: “All these concerns about Libra are serious. I, therefore, want to say with plenty of clarity: in these conditions, we cannot authorize the development of Libra on European soil. 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.”
The Libra Coin
It’s been three months since Facebook announced that they plan to launch the Libra Coin by 2020. This would mean that a new form of currency would be introduced to 2.7 Billion Individuals worldwide. Libra would be available on WhatsApp, Messenger and Instagram. The goal of this digital currency is to get uninformed individuals trading in financial markets. However, an influx of 2.7 Billion traders would cause for markets worldwide to topple. The majority of countries have been hostile towards the Libra Coin, with numerous governments banning it from being offered in their respective countries. France is just the next to add to that list, and it’s anticipated that by 2022, nearly every nation will have banned the Libra coin.
Facebook has already been trying to fight back against these government authorities by creating lawsuits and seeking a payment license from the Swiss Financial Market Supervisory Authority. Luckily, the SFMSA noted that the libra coin doesn’t follow the standard format of finance and cannot be licensed unless Facebook follows scrutinizing terms of conditions. This will include continuous checks on data privacy and money laundering. Most finance and government officials believe this isn’t enough to prevent a dramatic collapse on Facebook’s behalf.