Germany and France to Prevent Libra from Facebook’s Crypto Coin

Technology

Another bad news emerged after Facebook lost its support for the crypto currency Libra, which it announced at the beginning of the year and planned to make it available next year. France and Germany announced that Facebook agreed to prevent the use of the crypto currency Libra in Europe.
Earlier this year, Facebook announced the crypto currency Libra. Approximately 27 supporters on the way to creating the crypto currency Facebook, then began to lose the support of some partners. Intensifying regulatory reviews led supporters to want to break their ties to Libra.

European Central Bank Board Member Yves Mersch explained that Facebook’s crypto currency might be strong enough to block European monetary policies and that Facebook could be a serious threat. Ch These people had to explain themselves to US and EU lawmakers because of the way they store our data, Mers Mersch said.

The Finance Ministries of Germany and France have announced that Facebook has reached an agreement to block the use of the crypto currency Libra in Europe. The ministries also made a joint written statement on the issue. The statement said, em No private organization can demand the monetary power that belongs to the sovereignty of nations ”.

The ministries said the need for improvement in international payment systems. Banks were called upon to improve the European Payment System and to accelerate their efforts on digital currencies to the European Central Bank. French Economy Minister Bruno Le Maire, said in a statement that Facebook’s crypto currency could jeopardize the monetary sovereignty of governments and therefore would be blocked in Europe, he said.

Leave a Reply

Your email address will not be published. Required fields are marked *