The ambitious Facebook Libra project, 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 said there are many systemic financial risks, sovereignty risks and the possibility of market dominance linked to Facebook's sovereignty:
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 tender against Libra. Regulators are worried that Facebook Libra could create "potential restrictions on competition" once it has the data of consumers who use it.
In July, Yves Mersch, a Luxembourg lawyer and board member of Europeanof the Central Bank, called Libra a “pseudo-cold currency".
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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