Report: France Negative Attitude Towards Facebook’s Libra Development

Facebook the social media giant is facing lots of issues towards the acceptance of it’s proposed international project Libra. The development of the Geneva-based Libra project has to bear the brunt of negative approach from Europe as well. Recently, French Finance Minister Bruno Le Maire has shown his negative stance on the progression of Facebook’s Inc. and its impending digital currency. BreakingtheNews.net published the updates on Sep 12th.

Libra Expansion Seems Not Easy In France

According to one of the world’s oldest news agency- Agence France-Presse (AFP) France is planning to block the development of Libra stable coin payment network in Europe. Reportedly, the fear of losing the “monetary sovereignty of the state” has led to this situation.

France cannot authorize the development of Facebook Inc.’s digital currency on the “European soil… Said Bruno Le Maire. Further pointing out that ”monetary sovereignty of states is at stake.”

Le Maire earlier also expressed his thoughtfulness and mentioned that “it is out of the question” for the digital currency shaped by Facebook Inc. to “become a sovereign currency.”

On July 17th, the publication brought up the remarks of Le Maire wherein he talked about the adherence of strict rules which Facebook Libra has to abide by before its launch like other currencies. During the time Le Maire attended the G7 event in Chantilly.

Another reason for the backlash by Le Maire is that Libra is raising major concerns of terrorist financing activities and money laundering events.

In August, U.S. watchdogs once again vented out with their undesirable attitude towards the huge impact of Libra on the country’s banking system. The lawmakers dogged the idea of Facebook’s stable coin and shown concerns against the networking giant. Reportedly, Facebook is endeavoring to establish private control while rolling out the global currency while taking advantage of its huge network.

Another Arab based news portal Arabnews.com cited the similar updates and mentioned the forbidding expressions of Le Maire against Facebook Libra which he communicated at the preamble of OECD Global Blockchain Policy Forum 2019, the conference on cryptocurrencies, Paris. Le Maire is determined not to authorize the development of Facebook’s Libra project on the European soil.

Switzerland Granting Positive Scope To Facebook Libra

After facing so much criticism and hostile responses, finally, Facebook Inc. can see a thumbs up from Switzerland’s regulatory authority. Facebook has already gone through the assessment which FINMA had prepared for it. Now, Facebook is preparing for a prospective application for a payment license system in Swiss.

According to Mark Branson, director of Financial Market Supervisory Authority (FINMA), Switzerland is ready for Libra because the country is possessing high standards of the robust supervisory and regulatory framework. The regulators are now open for international cooperation with Facebook’s proposed cryptocurrency blockchain-based network.

“Switzerland wants to be a major financial center. To do so, the country must attract, take advantage of big institutions to get the required attention without shying of the big risks involved.

“Shy of these risks, you have less attention, but may end up in insignificance.”

“Switzerland lawmakers published a guide on how to classify stablecoins under Swiss law… The risks of money laundering, system stability, and customer protection are well known and already there are regulations for all of these.”

He communicated, during an interview with Neue Zürcher Zeitung (NZZ) which probably would create the fuel of anxiety in other country’s regulator intellect.

Tags: Bitcoin Regulation News, Facebook, Digital Currencies, Stable Coin, Libra, Cryptocurrencies, France, Europe