France’s Finance Minister Bruno Le Maire wants to slow the plans of the Internet giant Facebook for the digital currency Libra.
“Under these conditions, we can’t allow the development of Libra on European soil,” said Le Maire on Thursday in Paris at a conference of the Organisation for economic co-operation and development (OECD). Specifically, the Minister was not here.
“The monetary sovereignty of States is at stake,” he warned: In countries with weak currencies Libra will replace it and “the independence of the States in question”. Le Maire sees in Libra is also a systemic risk, he said, referring to the more than two billion users of Facebook. “Any error in the functioning of this currency, in the management of their reserves, could have a significant financial unrest trigger.” The Minister, however, for a public Digital currency.
Facebook wants to make Libra in the coming year, available to consumers, the idea is that politicians and Central banks in part to massive resistance. The digital currency to buy with U.S. dollars or euros. To be among the first partners of the project, two dozen private companies such as Mastercard, Visa, Paypal, and Uber good. To avoid price fluctuations, to Libra linked to established currencies and government bonds are hedged. Facebook had pointed to before the introduction of the monetary concerns of regulators to eliminate. Open is, among other things, whether Libra is a Bank license is necessary, with the strict regulation would go.
The Left-member of Parliament Fabio de Masi, welcomed France’s line. He met Friday in Berlin with Facebook representatives. This would have had no answers to the question of how financial stability should be guaranteed in the case of Libra, said de Masi. “We urgently need a discussion about a state-guaranteed E-Euro as an Alternative,” he said.
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