Amidst the growing concerns after Facebook’s worldwide launch of Libra last June, the deeply worried European countries have devised an investigation of the upcoming currency by the European regulators.
At a financial congregation in Helsinki, with EU finance ministers, French Finance Minister Bruno Le Maire proposed that Europe should have their digital currency to combat Libra.
The finance minister expressed deep skepticism about Libra. He sternly added that it could pose a threat to the domestic customers, to financial security, stability, and the sovereignty of the European states.
This statement came after the minister released orders to the Central Banks of Europe to scrutinize the Libra thoroughly. He reiterated that this it is out of the question that Libra will become the sovereign currency of Europe. The minister has advised a slew of measures to combat the incoming threat.
Europe’s new cryptocurrency?
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Bruno Le Maire told that he would soon discuss extensively with other European counterparts about the possibility to launch Europe’s public digital currency.
Maire has been vocal on this issue from last few months, but now he wants other European countries to join them.
He has also advised the European bloc, which is centered on domestic payments to decrease the cost of payments across the borders. Real-time payments have already been functional within the Eurozone since 2017, but this facility has not been utilized by half of the bloc participant banks so far.
Maire sternly added a stern warning that they would not approve the development of Libra on the European soil with the possible mayhem. He also seeks a guarantee from Facebook that Libra would not be subjugated for unlawful activities.
Facebook’s stance
Since the announcement of the launch of Libra, Facebook has faced a torrent of criticism and distrust from his own country US and several other financial policymakers across the globe.
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Facebook has cleared that their policy for their wallet Calibra would function separately from their social network and the user’s data would not be used for commercial purpose. Additionally, it has proposed that it won’t be controlling the currency of other entities other than its 27 associated members.
