Facebook Libra launching during the second half of 2020

Libra won't 'play at being pirates'

Libra won't 'play at being pirates'

Bertrand Perez, General Director of the Libra Association, in an interview with Les Echos recently aired some of the latest developments around Facebook's controversial digital currency, which has been a source of debate and controversies globally.

These actors are all needed now to process digital payments, but may no longer be necessary if the European Central Bank took over their functions, slashing transaction costs.

Mark Carney floated the idea of a cryptocurrency backed by central banks
Mark Carney floated the idea of a cryptocurrency backed by central banks

France's finance minister says Facebook's Libra cryptocurrency should be barred in Europe because it threatenes "the monetary sovereignty of countries", the Guardian reported. "So I want to say this with a lot of clarity: In these conditions, we can not authorize the development of Libra on European soil". Libra's plan also would do without financial intermediaries.

In an email to The Register, Valerie Khan, VP of Digital Equity, a non-profit advocacy group based in Switzerland, and co-author of a paper critical of Libra, said Le Maire's concern is welcome because it buys time to look into Libra's real intentions.

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While speaking at a conference in Paris, Le Maire said: "I want to be absolutely clear: in these conditions, we can not authorise the development of Libra on European soil". Perez maintained that Libra association was in constant dialogues with regulators and central banks.

The EU's financial services commissioner, Latvia's Valdis Dombrovskis, is always careful to underline that cryptoassets are an opportunity as much as a threat. Exchanges and money transmitters, however, still have to comply with bloc-wide European Union anti-money-laundering regulations.

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When asked whether Libra would need a licence to operate in the EU, a spokeswoman for the European Commission told Reuters that an authorisation would likely be necessary. It includes a warning that the coin scheme will face more scrutiny than usual because it aims to go beyond being a mere payment system. Tiny Malta, which already hosts the bloc's largest online gambling industry and a big finance sector, has devised its own framework to attract virtual currency operators.

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