Facebook’s cryptocurrency libra runs into political opposition in Europe

Facebook's cryptocurrency libra runs into political opposition in Europe.

French Finance Minister Bruno Le Maire. Image source: Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

European politicians are already criticizing Facebook's new cryptocurrency libra. One of them even thinks that the launch could make Facebook a "shadow bank".

Yesterday, Facebook announced that they will launch the cryptocurrency libra, and that the project is backed by several of the world’s largest companies. Someone who doesn’t seem quite happy about the project is French Finance Minister Bruno Le Maire, who seems concerned that Facebook with the project wants to compete with regular currencies.

“It is out of question’’ that libra “becomes a sovereign currency. It can’t and it must not happen”, says Bruno Le Maire to radio channel Europe 1, according to Bloomberg.

Must keep your eyes open

In the same interview, Bruno Le Maire says that his biggest concern about Facebook’s currency is that it could be used for money laundering and terrorism. And he is not the only one who is concerned. Markus Ferber, a German member of the European Parliament, believes there is a risk that Facebook will become a “shadow bank” and that European legislators must keep their eyes open so that it will not, Bloomberg reports.

Here is everything you need to know about Facebook’s new cryptocurrency.

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