More problems for Facebook: France does not like its cryptocurrency either

French Finance Minister Bruno Le Maire has joined the opinion of the Senate, the Treasury, the president and the US Federal Reserve and made it clear on Wednesday that he does not like Facebook’s cryptime: Libra . In an interview with the CNBC in the context of the meeting of the G-7 ministers in Paris has declared that Libra should not become a sovereign currency.

In the opinion of Le Maire, Libra can not be accepted without a “solid set of rules” and it is a question of sovereignty , although all sovereign states have their currencies (dollar, euro, etc.) and stick to “very strong commitments and rules”.

In this way, he points out that he can not “accept” a new currency that has exactly “the same type of power, without the same type of rules” and without the same “commitment and obligations”. To which he has added his concern about money laundering and terrorist financing.

The French finance minister has made it clear that the conditions are not in place for Facebook to go ahead with its plans to launch its digital currency and has asked the head of the executive council of the European Central Bank, Benoit Coeure, to establish a working entity to Investigate digital currencies like Libra.

THREE REJECTIONS IN THREE DAYS

Not even 24 hours have passed since David Marcus, president of Calibra, the subsidiary in charge of managing cryptocurrency, explained to the United States Senate his decision not to launch Libra , until he has resolved the regulatory doubts hanging over it.

A decision that had already advanced on Monday but that he exposed on Tuesday before the Senate, where he had to face numerous criticisms. “Facebook has shown scandal after scandal that does not deserve our trust, it should be treated as the for-profit corporation that is, like any other company,” said Senator Sherrod Brown.

The response from the Senate was clear, “Facebook may not be dangerous, but it surely will not respect the power of the technologies with which they are playing.” To which he added, “Now Facebook asks people to trust them with their hard earned salaries.” ” We would be crazy if we give them the opportunity to experiment with people’s bank accounts , to use powerful tools they do not understand, such as monetary policy, to jeopardize the ability of those who work hard to support their family. ”

Just one day earlier, on Monday, US Treasury Secretary Steven Mnuchin, showed the “serious” US concerns about the risk that the pound will be used “by terrorists and in money laundering,” which makes the cryptocurrency in “a matter of national security”.

Facebook has not stopped receiving criticism since it officially announced its digital currency less than a month ago, along the way the Federal Reserve or US President Donald Trump , have also shown their rejection of Libra.

Anthony Rankin

I am Anthony Rankin and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind BPL and a professional daytrader. I will be providing technical analysis of various stocks on BPL.

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