Cryptocurrency

Report: France wants to block development of the Facebook currency Libra in Europe

According to a report from ARAB NEWS from 12. September 2019, France is envisaging the development of the Facebook-crypto-currency to Block Libra.

Libra could be a threat to monetary sovereignty

The French Finance Minister Bruno Le Maire said on Thursday during a conference the following:

“I want to make it absolutely clear that, Under these circumstances, we are not able to approve the development of Libra on European soil.”

The reason for his setting of Le Maire, delivered during his speech also. According to the Minister of Finance, Libra could threaten the monetary sovereignty of the governments.
Other state representatives have responded in the past skeptical of the introduction of Libra. “There are serious concerns” and would have made “very carefully, it is checked whether all the present regulations are complied with,” said Federal Finance Minister Olaf Scholz (SPD) in July, at the G7 Finance Ministers meeting in Paris over the star.
Andreas Hackethal of Goethe University in Frankfurt believes, moreover, that Libra could weaken the ability of the Central banks:

“When Libra comes on the market, the digital currency very quickly very many customers. Through these network effects, the monetary policy of Central banks would be attenuated very strongly,“ said Hackethal compared to the days of the show.

What are Libra’s?

Libra presents itself as a “digital-based and reserve-based crypto-currency based on Blockchain technology,”. Using Libra will send people, money, receive, and save can spend. Unlike most available on the market, crypto-currencies will be Libra, supported by a Reserve of real value stocks. In addition, he is determined the price of the crypto currency through supply and demand, but by the creators so as a Libra Coin has always the same exchange rate.

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.