European authorities display frontal opposition to Libra

18 Jun, 2019
by Alberto Arnaldo
Regulation
European authorities display frontal opposition to Libra

The reactions from the crypto community to Facebook’s Libra project have been a full-blown welcome party, compared to those of the first European representatives which have spoken today. 

It doesn’t appears casual that the unveiling of Libra’s whitepaper and website took place during European, Middle Eastern, African and Asian working hours. Consequently, some of the first reactions to arrive came from politicians from the European Union.

According to reports by Bloomberg, French Finance Minister Bruno Le Maire was the first highlighted public representative to speak about Libra. On a radio interview, he said that there is no way it will be seen as a sovereign currency, stating that “it can’t and it must not happen”.

On the meanwhile, the europarlamentarian Markus Ferber, whose party CSU forms part of the governing coalition in Germany, called for a high regulatory alert towards Facebook for its reported attempts to become a “shadow bank”. Ferber also called against a sort of “regulatory nirvana” which, in his opinion, forms the environment of Facebook and other multinational corporations. 

With countries such as China and India having already taken big steps to trouble and ban the use of alternative currencies by their citizens, it seems as if Facebook’s Libra will have to deal with lifting many regulatory hurdles.

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