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  • French central bank governor François Villeroy de Galhau is calling for the social media giant to fall in line with regulations.
  • A request was made for the G7 task force regarding the Facebook’s Libra project.  

 

The central bank of France Governor François Villeroy de Galhau is calling for Facebook’s Libra to comply with rules.  

A request has already been passed on to the G7 task force on   France’s request for questions to be placed around the development of Libra.  

The central bank Governor noted that regulators must ask some deep questions about the social media giant’s project, to make sure the stability of the financial system of the world.

Galhau had the same view that, without a mandate from the public, the private entity like Facebook cannot be properly held accountable. De Galhau also raised the level of doubt on whether Libra will ever satisfy all of the popularly-held necessary qualities of money that the world wants.