Cryptocurrency

Facebook Coin before? France wants to stop Libra

What you want from the company Facebook is any left. But one thing is for sure: Facebook is a Large. What began as a Social Media platform for an American University, is now a global media group with over 2 billion users (= customers). To Facebook including Instagram and WhatsApp. A few companies in the world have such a Power like Facebook. But that’s enough. Facebook to even Greater reach, only this time in Finance. The company is based in Silicon Valley wants to create nothing less than to establish, together with other giant corporations a world currency. What can find the a well, are not in favour of the other. So also France, which now announced the Facebook Coin to Libra stop.

Facebook Coin vs. France – a power duel

It is clear, words that reach the Crypto-Community and Facebook from Paris yesterday, Thursday. France, expressed in the Form of Bruno Le Maire, the French Minister for the economy and Finance, to Facebook Coin Libra. The statements of the politician are anything other than pleasing for the project, which is already part of the regulatory authorities under pressure.

I would like to say very clearly that, Under these conditions, we are not able to approve the development of the Libra on European soil.

The words of Bruno Le Maires are at the opening of an OECD conference on virtual crypto-currencies. In other words, France wants to stop the launch of the Facebook Coin Libra. The French politician is continuing his statement with the words:

The monetary sovereignty of countries in the game. By a “possible privatisation of the money…. by a single player with more than 2 billion users on the planet… .

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Facebook Coin represents the money monopoly of the state in question

France, with its defensive stance against Facebook’s alternative currency project to the state’s Fiat to not create currencies alone. The competent regulatory authorities expressed since the publication of the exact plans of Facebook’s many concerns. The pressure on Facebook, its partners and the Libra project grows. But why?In a traditional financial system of the state or the Central Bank monopoly on money and the associated monetary policy. This also means that the managers determined the interest rates and the quantity of money in the Form of newly printed money. Designed primarily to the economy, and its developing influence.It is therefore clear: from a purely theoretical point of view, makes the state wants to maintain the Status quo. Clear, therefore, that this sees any attempt to change the current Status is very critical. Against Bitcoin, and co. States can company little, because there is no Central party is behind it. The decentralized structure prevents the. When Facebook Coin Libra is different. Behind the project, many other companies are in addition to Facebook yet. They try to privatize, obviously, the range of currencies and the state as Power and the ability to influence the economy, the deduction of the ravens. In this configuration, criticism is inevitable.

Facebook Coin wants to make financial services more accessible

Also, if for most of us, the free access to financial services is quite commonplace for billions of people around the world, is not it. With all the difficulties that go with it. How would you send, for example, money or a safe place, if you had cash, but no access to Paypal or a Bank account?Facebook is looking to tackle the Problem, and people without access to our financial system, dealing with money easier. And who better than a company that almost 30% of the world’s population are registered? Of course, Facebook is not followed with Libra only altruistic goals. The company also has a self-interest in this context: more and more frequent users means more data which Facebook can access. This, in turn, has a positive effect on the advertising business of the Social Media giants.The Facebook Coin is expected to come in the first half of the year 2020 on the market by a basket of currencies, shown to be, in order to avoid the severe fluctuations as is the case with Bitcoin and other crypto-currencies. Among the partners of Libra, the payment giant Visa Inc in addition to Facebook., Mastercard Inc. and PayPal Holdings Inc. as well as the company Lyft Inc. and Uber Technologies Inc.How do you find the defensive attitude of the French against Libra? Do you think the Coin is able to prevail anyway? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News.You want to know what was going on in the week and have no time to read everything? Then take a look at our current week’s review of the KW-24: (image source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.