Sweden’s Minister for Financial Markets: Facebook’s “libra” comes with huge risks

Swedish minister: Facebook's cryptocurrency libra comes with huge risks

Image source: Frankie Fouganthin (Wikimedia Commons) / Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

The question is whether Per Bolund knows that libra will not be volatile.

On Tuesday, Trijo News reported that Facebook was presenting its new cryptocurrency libra. Since then, it has been met with a lot of resistance, not least from European politicians.

Now a Swedish minister is joining the critics. The Minister for Financial Markets, Per Bolund, who is representing The Green Party, does not seem to be a fan of Facebook’s cryptocurrency.

“I would advise people not to make too large investments and have too much money in this type of virtual currency because there are great risks associated with them”, he tells Swedish Radio.

Libra will not be volatile

The question is whether Per Bolund believes that libra will be volatile. It will not – Facebook backs up the currency with money and other assets, some of it coming from some of the world’s largest companies, just to avoid price changes.

If you want to become more knowledgeable about Facebook’s libra than Per Bolund, you can read this article, which contains everything you need to know about the cryptocurrency.

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