Altcoin News: French Billionaire Defends Stablecoin Libra

October 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The French billionaire Xavier Niel, the founder of the telecommunications group Iliad and one of the investors in the Facebook blockchain project, believes that Libra will “inevitably exist” in France along with more than a thousand other cryptocurrencies.

In a publication for the local edition of Les Echos, Niel said that restricting Libra’s access to the market is not in the interests of anyone.

“With libra, payments will be much more direct, interpersonal and fast,” said Niel, adding that there will be no middleman to impact costs and no monopoly of banks.

In the light of doubts voiced by skeptics, Niel writes that Libra will be a reliable currency that guarantees data protection.

“The fight against money laundering and the financing of terrorism are still ours,” he said, adding: “Even if the concerns are legitimate, we must provide answers, without trying to prohibit, without even measuring the benefits for all.”

Earlier, French Finance Minister Bruno Le Maire came up with the idea of ​​banning Libra in the European Union for the protection of the currency sovereignty of the member countries.

Author: Marko Vidrih