France’s finance minister Bruno Le Maire. Facebook shouldn’t be allowed to develop its digital currency project, known as Libra, on “European territory” because it threatens the monetary sovereignty of member states,
Facebook has presented Libra as a currency that could be used for digital payments, particularly outside the U.S. It would be backed by real currency, unlike other digital currencies like Bitcoin or Ethereum.
But its project has been met with skepticism both in the U.S and Europe, as financial regulators and members of Congress questioned the company’s motives for creating a new digital currency.
“We should not accept to have Libra being developed on the European territory,” Le Maire said.
Testify Before U.S. Congress
oday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced that Facebook Chairman and CEO Mark Zuckerberg will testify before the Committee at an October 23 hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors”.
This is a follow up on the “request to an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency, Libra, and digital wallet, Calibra,” which read:
“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”