The ambitious project Facebook Libra, faces many problems in Europe by its announcement in June.
Now, according with Reuters, French Finance Minister Bruno Le Maire does not want it to be released in the EU, as he says it is unclear exactly how it will work digital currency.
Le Maire stated that there are many systemic economists risks, dominance risks and potential abuse of market dominance associated with Facebook's dominance:
All of these concerns about Facebook Libra are serious. So I want to say quite clearly: under these circumstances we cannot approve the development of Libra on European territory.
In August, the EU Commission reportedly published a competition against Libra. Regulators are concerned that Facebook Libra could create “potential restrictions on competition” since it would have the data of consumers who use it.
In July, Yves Mersch, a Luxembourg lawyer and a member of the European Central Bank's board of directors, called Libra a "pseudo-cryptocurrency".
He said that Facebook's goal with Libra is centralized governance, and centralized control, which is completely contrary to the concept of a decentralized currency.
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