Facebook’s cryptocurrency Libra decried by French finance minister, saying it ‘must not happen’

Layer 1s • June 18, 2019, 9:34AM EDT
UPDATED: June 18, 2019, 10:19AM EDT
The Block

Facebook’s cryptocurrency Libra was only officially unveiled earlier today, but has already been the target of vociferous opposition from France’s finance minister Bruno Le Maire, according to a Bloomberg report on Tuesday.

Le Marie said Libra “can’t and...must not happen” and that “it is out of question’’ for the cryptocurrency to “become a sovereign currency.” He has reportedly called on the Group of Seven (G-7) central bank governors and guardians of the global monetary system to review the social media giant’s upcoming cryptocurrency and submit a report next month.

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According to the report, Markus Ferber, a German member of the European Parliament, warned that Facebook could become a “shadow bank” and said regulators should be vigilant.

Facebook's stated mission for Libra is to serve the unbanked and facilitate low-fee money transfers globally.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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