Thursday, October 22, 2020
Home Lead Story France to Block Facebook’s Libra Cryptocurrency: Report

France to Block Facebook’s Libra Cryptocurrency: Report

The development of the Libra has raised grave concerns among lawmakers over how it will be regulated

French Finance Minister Bruno Le Maire on Thursday said the country cannot authorise the development of Facebook’s proposed Libra cryptocurrency on European soil as it threatens the “monetary sovereignty” of governments.

Le Maire also cited the potential for abuse of market dominance as well as systemic financial risks as the reason why the cryptocurrency cannot operate in Europe, Sputnik news agency reported.

“All these concerns about Libra are serious. I therefore want to say with plenty of clarity: in these conditions we cannot authorise the development of Libra on European soil,” Le Maire was quoted as saying at the opening of an OECD conference on virtual, cryptocurrencies.

Facebook announced its intentions to launch the digital coin in June. The new cryptocurrency is designed to assist billions of its social media users in conducting international transactions.

Corporate, America, Climate Change
FILE – In this April 30, 2019, file photo, Facebook stickers are laid out on a table at F8, Facebook’s developer conference in San Jose, Calif. The Boston-based renewable energy developer Longroad Energy announced in May that Facebook is building a… VOA

The digital coin will be operated by Facebook along with 28 partners, including Visa, MasterCard, PayPal, Uber, Lyft, and Spotify.

The development of the Libra has raised grave concerns among lawmakers over how it will be regulated.

Also Read: Ola Announces Expansion of its Ola Bike Service to 150 Cities Across India

Earlier this month, a member of the board of the European Central Bank (ECB) cautioned that the Libra virtual currency could under certain circumstances negatively affect the bank’s ability to regulate the euro and the single market. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,782FollowersFollow

Most Popular

9 Traditional Indian Folk Theatre Forms that You Need to Know

BY NEHA HEGDE The folk or traditional arts of India have been used for moral, religious, and socio-political purposes from ancient times. It must also...

COVID-19 Can Lead to Infertility in Men, says Study

COVID-19 can cause male infertility by harming the testicular cells which produce sperms thereby making it difficult to make the female pregnant, says a...

Fashion Trends to Look Your Best in this Festive Season

It's a time to pause, to relook, to rethink - It's the time to revive the spirits. This year festivities will not be like...

Perfect Hairstyle Tips for the Festive Celebrations

It's Durga Puja time! It's the most awaited period of the year for many of us. And if you are among the ones who...

Proper Ventilation Key Factor to Prevent COVID Spread

New research adds to the growing body of evidence that effective or proper indoor ventilation may be a key factor in preventing the spread...

The 21-Day Immunity Plan To Follow: Book Review

With 80 percent of chronic disease attributable to lifestyle and linked environmental factors and within the lifestyle hierarchy, poor diet being the most important...

Tattoos May Impair Natural Sweating and Cause Overheat of Body

Researchers have found that tattoos may impair natural sweating, potentially causing the body to overheat if the tattoos cover a large area of the...

Amazon Allowing Work From Home Untill June 2021

Amazon is allowing its corporate employees to avail of the work from home option, if their roles permit, till June 2021. Amazon had earlier said...

Recent Comments