- Maire requests the G7 central banks to understand the scope of Facebook’s Libra cryptocurrency.
- Facebook stablecoin must not be “diverted to finance terrorism or any other illegal activity”.
On the very day Facebook releases its much talked about stablecoin white paper, government officials are starting to feel threatened by the French Minister for Finance Bruno Le Maire who has already issued a warning that Facebook cryptocurrency does not have the capacity to become a sovereign currency.
Maire said that governments have the right to “ask Facebook for some guarantees,” which will make matters clear that Libra will not become a rival to existing sovereign currencies. According to the Minister of Economy the stablecoin must not be “diverted to finance terrorism or any other illegal activity”.
He also urged the members of the G7 central banks to help in understanding the scope of Libra cryptocurrency. Bruno Le Maire is raising concerns that Facebook will have the ability to gather a colossal of user data owing to the fact that the crypto will endure that all users accounts are KYC verified.
Speaking on an interview with French news site Europel1, Le Maire continued:
“We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers.”