French economy Minister Le Maire Facebook-Coin reject: No sovereign currency

The French economy Minister Bruno Le Maire Facebook Libra-Coin rejected. It is out of the question that the project should be no sovereign currency. Facebook is a private company, the issuance of currencies, however, in the hands of the state. He calls from Facebook now guarantees in the field of Anti-money laundering and the financing of terrorism. Similar skeptical reactions from other European leaders fall.

By David Barkhausen
19. June 2019BTC$9.105,00 -0.21%part Facebook Twitter LinkedIn xing mail

for Months, rumors and speculation about Facebook's currency of the project concerned. Now, the group has introduced the Libra Coin of the world public and the financial world quake. Because from 2020 could have the Stable Coin around 2.3 billion Facebook users a digital Alternative to national currencies to the Hand. Not only banks, out in front of this idea. Also the politics of fear to control. The Echo on the part of European leaders did not have to wait long.

France's economic and Finance Minister Bruno Le Maire, for instance, compared to Libra skeptical. In an Interview with the French radio station Europe 1, he granted the Zuckerberg company on Tuesday, the 18. June, a rejection:

That Facebook is its own currency not creates, a transaction instrument, and why. In contrast, however, it is beyond question that [Libra] is a sovereign currency. That can't happen.

the Minister stressed that Facebook is a private company. The issuing of currencies, however, had to remain "in the hands of the States and not to those of private companies that respond to private interests".

economy Minister Le Maire calls for guarantees from Facebook

Now it was from the pages of Facebook, to provide guarantees, and the Coin in existing regulations embed. As such, Le Maire called evidence in the area of Anti-money-laundering and terrorism regulations. He had asked the Central Bank governors of the G7, to the Ministerial meeting in July to make a report. Then, the Finance Ministers of Germany, France, Italy, Japan, Canada, the UK and the USA to discuss the latest developments in the global financial system meet. Already in the run-up to the meeting, Le Maire appealed, with a look at Libra:

no risks for the consumer, We need to ensure that. It is our responsibility as a state to protect the consumer.

the 50-Year-old also led Facebook's Power as a data monopoly in the field. In the French Parliament, he stressed, in this context, moreover, the group could collect the Coin, further information about its users. Here, it is important to maintain caution.

Similar to Le Maire Markus Ferber, CSU, warned Deputy in the European Parliament, of the consequences of Facebook's currency project. He suggested that the group could develop to a so-called "shadow banking". As such, financial experts refer to as private money houses and the lender, the fall through the Grid of the conventional financial laws.

The head of the British Central Bank, Mark Carney again tried to smooth the waves first. At a Meeting of the ECB in Portugal, he stressed, it is Libra, applicable to the treat first, unbiased to. He pacified, you'll see the Coin from the competent financial supervision alone. Libra should want the blessing of the authorities, and must comply with the Coin anyway "highest regulatory Standards".

The background: Libra to Facebook billion users financially

Facebook connect was introduced the currency of the project Libra earlier on Tuesday, the world public. It is the objective of a variety of national currencies covered stablecoins to be to create a global Ecosystem that connects in the future, billions of people financially and capable. This is the Facebook subsidiary Calibra is currently developing a digital Wallet that will be used by the users of the Facebook services, WhatsApp, Messenger and Instagram available.

Currently, around 1.7 billion people worldwide are without access to Bank accounts or other financial services – many of them Facebook users. Manage Facebook, to establish Libra in its network, it could be the Coin in order to be an important engine of Development.

A detailed Overview about the background to Libra can be found here.

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