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​Crypto Libra will enter Facebook into war with European authorities

2019-06-18 03:42 pm | Resource: News Section | No Views : 51

​Crypto Libra will enter Facebook into war with European authorities Crypto Libra, the official currency of Facebook, was immediately confronted with political opposition in Europe.
French Finance Minister Bruno Le Mer and German MP Marcos Verber have both called for regulatory scrutiny of the blockchain project, which is based on the social network currency, according to Bloomberg, in a report published Tuesday (June 18th).
Werber warned that the world-famous Facebook social networking site, which has more than 2 billion users, is around the world, and this move could make it a bank but a hidden one.
And he said:
"Multinational companies, such as Facebook and other sites, should not be allowed to operate with regulatory ease when offering digital currencies."
Le Meire echoed this sentiment during an interview with Radio 1, when he called on the G7 governors to prepare a report on the Facebook project for their July meeting.
His concern is that the Libra crypto may grow to replace traditional currencies, and has raised similar concerns by the recent quirks of Italian Prime Minister Mateo Salveni about mini-BOT, a proposed national currency that some analysts expect will shake the foundations of the European Union.
"It is not permissible" to allow Libra to become a "sovereign currency", "Le Mire said," can not and should not happen. "
Facebook's initiative to build a financial ecosystem capable of bridging and empowering billions of people is a global, crypto-oriented Libra initiative designed to avoid digital currency fluctuations and thus be useful for day-to-day trading.
While developing the currency, Facebook has joined some of the biggest names in payments and technology, such as Visa, Uber and Coinbase. The new currency is expected to be launched in 2020 and will be linked to a basket of currencies and government-backed securities aimed at reducing inflation and maintaining liquidity , Which will be under the control of the Libra Association. The association will also deliberately burn the symbols in response to shifts in demand.
Calibra, a Facebook subsidiary, plans to create a new digital currency portfolio that will exist within Facebook Messenger and WhatsApp, to make it easier to send people to friends, family and businesses through apps.

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