France promises to block the development of cryptocurrency …
France promises to block the development of Libra cryptocurrency in Europe
France will block the development of the Libra cryptocurrency project in Europe, as it threatens the “monetary sovereignty” of the authorities. This was announced by the Minister of Economy and Finance of France Bruno Le Maire on Thursday during the opening of the OECD conference on cryptocurrencies.
“I want to be very clear: in these conditions, we cannot allow the development of Libra on European soil,” Arab News quotes him with reference to the AFP news agency..
Earlier, Le Maire has already spoken out about the threats that Facebook’s cryptocurrency project poses to national currencies. In June, he asked the heads of the central banks of the G7 countries to prepare a report on the project. “There is no question of gaining sovereign status by it. This cannot and should not happen, “he said then.
Also today, Mark Branson, Director of the Swiss Financial Markets Control Authority, spoke about Libra in a conversation with the Neue Zuercher Zeitung, in whose area of authority Facebook registered its project. According to Branson, Libra carries both risks and opportunities..
“Large financial enterprises bring reputational risks. This is true for the whole world. But I do not admit the idea that Switzerland should become a second-rate financial center just to avoid such risks. The determining factor is whether Switzerland has strong regulation and supervision, as well as a decent legal basis for the big players, he said. – Libra has big ambitions. We don’t need foreign pressure to understand this. Successful and huge corporations stand behind it “.
Due to the lack of direct jurisdiction, the French authorities are unlikely to be able to block the development of Libra in Europe, but they can close access to related applications on their territory and prohibit local regulated entities from working with cryptocurrency, thus limiting the possibilities for its practical application..
The Swiss regulator, meanwhile, is also not going to weaken control over Libra and promises to impose additional requirements on it in addition to the rules for payment companies, as which the project intends to register..
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