French finance minister Libra should not be developed in EU

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If you want to have a sovereign currency, it’s up to the states. And only to the states, to be responsible for a sovereign currency. By Associated Press October 9 at 9:43 AM BRUSSELS — The European Union should not allow Facebook to develop its digital currency project, known as Libra, on “European territory” because it threatens the monetary sovereignty of member states, France’s finance minister Bruno Le Maire said Wednesday. Separately, the Bank of England’s Financial Policy Committee, which assesses financial risks, also warned that Libra will have to clear a series of hurdles if it’s to be licensed in Britain. Speaking ahead of a meeting of the 19 eurozone finance ministers, Bruno Le Maire said alternative payment systems pose many dangers because they could also be used for money laundering or “terrorism funding.” “I’m absolutely not an enemy of Facebook, neither an enemy of Google or Amazon,” Le Maire said. “I just want to recall some principles.

Article PreviewBy Associated Press October 9 at 9:43 AM

BRUSSELS — The European Union should not allow Facebook to develop its digital currency project, known as Libra, on “European territory” because it threatens the monetary sovereignty of member states, France’s finance minister Bruno Le Maire said Wednesday.

Speaking ahead of a meeting of the 19 eurozone finance ministers, Bruno Le Maire said alternative payment systems pose many dangers because they could also be used for money laundering or “terrorism funding.”

“I’m absolutely not an enemy of Facebook, neither an enemy of Google or Amazon,” Le Maire said. “I just want to recall some principles. If you want to have a sovereign currency, it’s up to the states. And only to the states, to be responsible for a sovereign currency. It should not be the role of a private company to try to get a sovereign currency like a sovereign state.”

Facebook has presented Libra as a currency that could be used for...

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