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Crypto Libra is not acceptable in any way in France

2019-10-17 02:33 pm | Resource: News Section | No Views : 62

Crypto Libra is not acceptable in any way in France France's Minister of Finance and Economy said Crypto Libra is unacceptable in any way, describing the currency as an intrusion into the political sovereignty of states in general.
In an article published in the Financial Times on Thursday (October 17th), French Minister Bruno Le Meyer stressed that the Facebook-led project exploits the sovereign right of states to issue their currencies, which will have enormous and unexpected consequences.
Libra signed its charter earlier this week in Geneva with 20 other members.
When the euro was created in 1999, member states surrendered aspects of their sovereignty to Europe's largest project, saying that allowing Facebook and other Libra members to issue private funds would undermine the effort.
Le Meyer added:
"Do we really want to give such special interests power, given the consequences of financial and commercial stability?" "I cannot have one of the most powerful instruments of a sovereign state, monetary policy, which falls within the purview of non-democratic entities."
Le Meyer repeated the same comments on Twitter:
"Sovereignty or public interests cannot be shared with private interests."
The undemocratic nature of Facebook's Crypto Libra, a private sector of course, was also cited, and Le Meyer argued that it posed a threat to national currencies in both underdeveloped and developed countries - as an issue:
"The monetary sovereignty of states is supported by the freedom of their citizens to choose."
To counter the threat of cryptocurrency provided by Facebook, Le Meyer called for the development of "innovative national and cross-border payment methods" as well as the development of central bank cryptocurrencies "in the medium to long term."
The French Minister of Finance continued:
"We cannot allow China to be the only player in this field."
Le Meyer had previously reported that France would seek to block Libra in the EU, as did German Finance Minister Olaf Schulz. He also pointed to the need to improve payment methods, and Schulz called for the euro electronically to strengthen the EU bloc amid economic globalization.
Crypto Libra is still facing nation-wide criticism, led by the United States, China, France and Germany, as well as the public launch of the cryptocurrency Libra, scheduled for the first half of next year, according to relevant sources.

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