Facebook’s Libra Cryptocurrency: European Fight to Stay Relevant for Survival Omitting Varied Opposition


Facebook is about to add France to the list of countries opposing its Libra cryptocurrency. According to the United States reputed newspaper, French economy and Finance Minister, Mr. Bruno Le Maire in an OECD conference which stands for Organization for Economic Co-operation and Development spoke against the social networks cryptocurrency effort. Facebook launched two cryptocurrencies Libra and Calibri. The purpose of the launch was to aid the people everywhere to lead better lives and reinvent money and in the process transform the global economy.

Image: Wall Street Journal

As soon as the news reached the other side of the Atlantic the United States government informed Facebook to suspend the project on Libra development to be halted temporarily till July. The reason when asked by the new agencies to the United States government has not been consistent and has varied from time to time. Some officials have pointed out that Libra threatened the U.S. financial system–which almost sounds like the point, based on its mission statement–and would put its users at risk of being financially ruined by hackers. Others have said and stated that Libra, along with other cryptocurrencies, pose a national security concern because they’re harder to oversee.

Image: CoinTelegraph

Similar to France not accepting Facebook’s Libra cryptocurrency, United Kingdom also read raised concerns over Facebook’s attempt to launch its pet cryptocurrency. The French finance and economy minister Mr.  Bruno Le Maire expressed similar issues in the press conference which was organized by the Organization for Economic Cooperation and Development. According to the United States-based periodical The Independent, Mr. Bruno Le Maire said he said the times are not suitable and favourable enough for the development of cryptocurrency for the time being in Europe. He also allegedly has called Libra a threat to monetary sovereignty. Despite strong opposition from the developed European powerhouses other countries have been soft on the issues of accepting cryptocurrency as an economic material that can be used for the benefit for their citizen.

Source: Tom’s Hardware

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