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After UK France also Opposes Facebook’s Cryptocurrency Libra

Facebook can add France to the list of nations opposing its Libra cryptocurrency. France’s economy and finance minister, Bruno Le Maire, spoke against the social media platform’s efforts during an OECD conference about cryptocurrencies.

Facebook revealed plans for Libra on June 18. It simultaneously released a subsidiary, Calibra, to focus on financial services The firm hoped to allow “individuals everywhere to live better lives” by using Libra to “reinvent money” and “change the global economy.”

However, it did not take much time for the U.S. to oppose those plans; it asked for Libra’s mining to be suspended in July. The reasons given for blocking Libra’s building have varied. Some delegates have said that Libra threatened the U.S. financial system–which almost seems like the point, based on its mission statement–and would put its users at risk of being financially ruined by attackers. Others have said that Libra, together with other cryptocurrencies, pose a national safety concern because they’re harder to supervise.

The UK showed similar concerns about Facebook’s attempts to create its currency in July, and Le Maire echoed many of those thoughts at the OECD conference.  He said, “I need to be clear: In these conditions, we can’t authorize the building up of Libra on European soil.” He was also mentioned to have called Libra a menace to “financial sovereignty.”

Other nations have been a bit more tolerant. Switzerland wants to subject Libra to stringent oversight, for instance, and many regulators have not discussed Libra at all.

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