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France offers Europe to create its own cryptocurrency instead of blocked Libra

French Finance Minister Bruno Le Maire on the virtual currency conference which held in Paris. He notes that Libra carries risks for financial system and can be used for illegal operations. Also in his opinion it threatens “monetary sovereignty” of governments.

Facebook cryptocurrency launch is scheduled for 2020 year. But according to the Finance Minister, the introduction of cryptocurrency Libra cannot be implemented until risk issues of this coin are resolved. How France can block the circulation of cryptocurrency in the EU is unknown.

“We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers. […]it is necessary to regulate the digital giants, to make sure that they do not end up in monopolistic situations”, said Bruno Le Maire.

Some experts believe that the development of Libra can take control of the economy from governments and their central banks on big business.

Back in July, G7 countries said they couldn’t allow the implementation of the Libra project until all issues with its regulation are settled. Swiss authorities say that to Libra the same regulatory mechanisms may be applied, which apply to banks, in addition to tough laws against money laundering.

Minister of Finance invited EU countries to create their own cryptocurrency. He called European authorities to tackle the development of an “official digital currency” and start the discussions with International Monetary Fund (IMF) in October of the current year. Le Maire has already contacted both new (Christine Lagarde), and departing (Mario Draghi) leaders of the European Central Bank about creating a “public digital currency” sponsored by international financial institutions. For the moment, Lagarz heads the European Central Bank (ECB) and will carry out duties in this post until October 31, 2019.

“…the government has an ambitious blockchain strategy. We have all the assets to make France a country at the tip of the blockchain, we must value them”, he said.

date of publication icon 15 Sep 2019 icon of time needed to read the article 1 min read