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Is Libra Going To Be Banned In Europe?

3 min reading

Bruno Le Maire, who is the French Finance Minister, revealed his opinion on Libra, as it is expected to appear on the market soon. According to him, France shares the concerns of the European Central Bank.

The ECB sees trickery

The European Central Bank expressed through its board member, Yves Mersch, its skepticism about the Facebook's cryptocurrency. Mersch called Libra a "beguiling but treacherous" project that would cause multiple companies to wich to create their own projects and upset the global banking sector. 

He also said that cryptocurrencies have no chance to fight effectively against fiat currencies. Nevertheless, corporations may want to enter the role of central banks through such projects, which, as Mersch claims, is a fundamental threat to global monetary systems.


France is against Libra

Bruno Le Maire revealed that the French government is planning to block Libra because he is anxious about monetary sovereignty in the European Union. The French Finance Minister participated in the OECD conference on cryptocurrencies.

I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.

Bruno Le Maire, fot. World Bank Photo Collection

Le Maire has already spoken critically about the Facebook project before, claiming that Libra is a threat to fiat currencies. He said that it staggers the imagination that Libra may become a single currency.

It is worth recalling that the, Christine Lagarde, also a French, is to become the new head of the European Central Bank. For several years, she has been expressing her interest in cryptocurrencies, and even claimed that countries should have their national virtual coins. Over time, however, she took on a cooler attitude.

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