We cannot allow Libra in Europe. French Finance Minister Bruno Le Maire said on Thursday Facebook’s Libra “cryptocurrency” cannot operate in Europe under current conditions, citing systemic financial risks, risks for sovereignty, and the potential for abuse of market dominance.
“All these concerns about Libra are serious. I therefore want to say with plenty of clarity: in these conditions we cannot authorize the development of Libra on European soil,”French Finance Minister Bruno Le Maire
Libra In Europe May Pose Systemic Risks
It seems that the financial stability of Europe is hanging on a thin thread. If Europe is afraid that Facebook’s Libra can potentially dominate the market or pose systemic financial risk, it means that Euro has many problems that can be possibly exploited by the social media giant’s new “cryptocurrecny“.
On the other hand forbidding something that there are no current regulations to forbid it, doesn’t seem very Europe-ish. So far there is not an official answer from Facebook.
But if we want to be realists, a move like this from Europe cannot stop Facebook from developing Libra in any case.