• Tweeter

  • republish

France puts a stop to libra, Facebook's virtual currency project. REUTERS / Dado Ruvic / Illustration

The libra, Facebook's cryptocurrency project, is not about to appear in Europe in 2020, contrary to the forecasts of the American social network. In any case if we believe the French Minister of Economy Bruno Le Maire, who intends to block its implementation in France and the euro area.

Like all virtual currencies, bitcoin in mind, the future libra initiated by Facebook scares the States. Highly volatile, it would escape the control of central banks and pose, according to Bruno Le Maire , risks to the sovereignty of states.

" Any shortcomings in the functioning of this currency, in the management of its reserves could create considerable financial disorders ," warned the French Minister of Economy at the OECD, the Organization for Economic Cooperation and Development.

Facebook is two billion users worldwide. And the creation of libra , feared Bruno Le Maire, could replace national currencies in countries where the currency is weak, like Venezuela. Another argument put forward: the libra could be used to finance terrorism without the knowledge of the authorities.

Libra versus public digital currency

Faced with this climate of mistrust, the Libra Association wants to be reassuring. She works with regulators and governments around the world to achieve " a safe and transparent project ".

If he opposes Facebook's libra, the French executive is however open to cryptocurrencies , provided they are regulated. He is also thinking about the creation of a public digital currency issued by central banks.

► To read also: The scams with libra, the virtual currency of Facebook, multiply