Bitcoin Forum

France promises to block Libra and calls all other European countries to do the same....

What do you think about this news? How this will affect on the market?

The EU is reacting because they believe the ECB is the only entity allowed to print endless money to pump the markets.

Anyway Libra is Facebook's version of Paypal using blockchain and not a truly decentralized crypto.

that will be affecting the adoption of libra by the users and imagine how many potential users that can be gained by libra from the France country only. If this country will call the same thing for another country and it will be disrupting the adoption by the users from the EU and that can create a bad reputation for libra caused by it will be banned by some EU countries if that happens.
It will give a huge impact to the opinion that will be made by another EU country too.

https://www.thesun.co.uk/tech/9914118/facebooks-libra-cryptocurrency-france-ban-europe/

I think this is the link on the article for your post, for other users to check and verify for your thread,

I guess a few European countries is pretty aware with the given criticisms that the public have branding for facebooks own cryptocurrency that it is dagerous indeed for trading and might someday be a threat for the security of the common consumers, That is why France is banning Libra and now the france minister that libra be banned in europe as well.

What are you talking about?


Libra aims to be a fully regulated and stable coin and if it gets regulated and people use it for their daily basis. What will happen?
cryptocurrency is full of manipulation, even if Libra gets licensed under the law. It will not change the fact that they can do whatever they want to do to manipulate the coin,
and do not forget about how bad they treated their users when we're using Facebook. It is going to be a problem if they allow this kind of thing to be fully regulated money.
for another example, look at USDT. Just how many coins did they generate this couple of years? to counter the problem they face, they could print as much as they can.

if this really happens then it will make Facebook inflamed, because Facebook and Libra go hand in hand, if Libra is blocked then Facebook will also be affected in France and the EU. but for the market as a whole, in my opinion, it will not be so influential.

yes i agree, from the start libra is not cryptocurrency. Facebook only wants to make shitcoin to get our money. so they should be blocked. in their home country, they still have problems with regulation. many people oppose this project. so why should we support it?

But France makes use of Facebook and other related Mark's social media, I think this news is fake.

France can only block and call European countries to also block Libra but I think they still can launch if they really will. France is too early to do this though but learning all these means US government had already approved Libra? This France pronounciation affects the hopeful of this Libra though.

France certainly don't want their economy to be mixed with a US based company, so they blocked it even before its release! Great news! Libra is not a cryptocurrency in any way. It is just another parallel banking system owned by a private corporation!


What market you are referring to?? Libra is not yet released to any market in the world. It doesn't have a market yet!  

Okay lets put up some news links related to this:

https://www.coindesk.com/france-says-it-will-block-facebook-libra-in-europe-report
https://www.cnbc.com/2019/09/12/france-says-it-will-block-development-of-facebooks-libra-in-europe.html
https://www.bbc.com/news/business-49677146

My views? We know on how big EU country is but it isn't a complete reason for Libra to be stopped.

I wonder why France is reacting this way, I mean, all of us respond to Libra differently but what made France to be against it?

I expected this, LIBRA will get more attention from different country as it is a big addition to cryptocurrency.
We all know how popular and powerful Facebook to lives of people all over the world.
This is the main reason why many government dont want to be with LIBRA, they are scared for their FIAT.

That's right, and that's why Libra has no chance of success.This ban has proposed to impose only France but I think also other countries will prohibit the use of these coins is.

Facebook's Libra will most likely replicate all the issues generated by Facebook. The community is seeing them possibly selling investors data, which is similar to them selling consumer details for facebook members. An issue that a telecom company (http://www.elynet.io/?utm_source=lx) entering the blockchain industry is fixing (in a way), where it's up to you if you wanna sell your data to get profit or not.

I'm seeing more countries oppose Libra as they try to make moves and will have no effect at all in the digital gold era. If they ever succeed in pushing through, I imagine it being one of the top listed coins because of the people behind it.

Whatever happens to Libra, the very fact that Facebook is bringing a cryptocurrency will mostly have a positive impact due to increased awareness. Libra is not a real crypto, but a lot of people still don't even know about crypto. What they do know about, however, is Facebook. Using FB to increase awareness of cryptocurrency is good enough. Also, banning anything will only cause people to want it more, so if Libra gets banned, who's to say that people won't simply look up cryptocurencies, figure out Bitcoin, and continue on from there?

This is the problem when you create a centralized cryptocurrency. They can ban it and imprison the creator for breaking the law.
But if you would like to imprison creator of Bitcoin whom you send?  :D

Germany follows france and wants also to ban Libra. So there are already 2 EU countries that are against Libra. Certainly other EU countries will follow. Currently it doesn't look good for Libra.  ::)

how do you know this news is fake? Have you read the news?
France only uses Facebook's social media and what France is talking about is the Libra cryptocurrency project, which will be launched by Facebook, because it will be a danger and a threat to the "monetary sovereignty" of countries across continents.

https://www.thesun.co.uk/tech/9914118/facebooks-libra-cryptocurrency-france-ban-europe/

And that is the beginning, Libra hasn´t started and they have problems with US, French, China governments.
Now it doesn´t look as a global payment method, right?
Bitcoin for the win!

   I think that this is just the beginning too, soon they will face with more problems. I believe they will have problems with their product itself, not just
with countries and people rejecting it. FOMO about Facebook Libra coins is fading away.
   Many people tried to compare Bitcoin with Libra, that is nonsense, this two can`t be compared in anyway. I`m joining you, Bitcoin for the win!

This money privatization eventually carries the risk of abuse of dominant position, country risk, and risk for consumers and companies and this really threatens the official currency issued by the French government. Libra poses financial risks and can lead to abuse.

I could not agree more than this, you describe it very well.
Libra aims to be a stable and regulated coin, it eventually carries a huge risk to the country that supports this idea in their country. Let's learn it from Petro, just how bad it will be if some country supports it and then it's used abusively. Zuckerberg has a bad reputation regarding integrity, do not forget that.

I believe it would not effect Libra much, because I am still sure that at the end, all governments will approve Libra for global usage. It is just the matter of time and I bet Europe would be among the first to adopt it.

Perhaps because of the effects of the Libra Association company, which is a concern of the world's central banks because this company is outside the framework of the central bank but is considered to control the circulation of money in the global financial network. this creates a polemic

Libra may not even happen anymore. They are getting a lot of regulations on them at USA where they will be based, they are getting France declining people to use it and now they will get some EU countries to stop it with France as well. What are they going to do, hope that Asian and African countries will use it a lot and USA will allow them to operate?

I feel like Libra was a gamble and Facebook rolled the dice but they rolled a 45 and will be out of the game now. It is not easy to make your own money out of thin air and then get all countries to accept it, these are nations that print their own money, they won't let you have your own money as a company that easily, what would happen to world fiat reserves if every big company wanted to create their own currency.

You mixed Libra coin with cryptocurrency, there are so many difference. In future cryptocurrency Libra coin has no effect, if all news is correct. For money laundering this decision was taken by France. If more  country do same, that's so bad for Libra coin.

In my opinion , libra came too late to the party so this new regulations that Libra is facing is something normal. Also , if you think Libra will be a huge coin, you don't understand crypto because Libra is suppose to be a mass adoption coin with a stable price so why would you even bother with Libra when you have Bitcoin ?

It's only normal for authorities to do everything possible to protect their territory if they think adoption of a new technology for instance will affect them negatively. Libra being a cryptocurrency is not an exception. Nevertheless, Facebook team is doing everything possible to ensure LIBRA becomes a success. I really think right now the chances of LIBRA launching is 50:50 since there are many challenges at hand. Let's hope they pull through with LIBRA since it will help promote crypto even though it's highly centralized.

It would have been good if you had included the source of your news. However, it is no longer a news, because it has almost become point of discussions in the crypto space. If France is not accepting Libra, that does not mean they can influence other countries in. Europe to do the same. There are people who are ready to take the risk.

Since Libra is a coin of a big company [Facebook] that has big power in the world, there must be many parties don't want it to support crypto space. I guess it is related to politics to keep Facebook out from participating in producing cryptocurrency. Every ban seems like a drama, why France calls other European countries to ban it? I think it is strange enough.  ???

Regarding the effect to crypto market, it probably triggers for a temporary decline but I am not really sure it will affect much.

Libra has problems with both governments and users. Governments fear Libra is an uncontrollable currency that could hurt the economy.
The problem with users lies in personal information and security, Facebook has had many user information scandals before.

Are you sure about the news? I have never read a story like that, and is the source really valid?
if France and European countries block Libra, of course this will affect Libra to be accepted by other countries,
I do not know clearly what is the reason for France, but if it is not approved and whether libra will greatly affect the development of cryptocurrency in the future.

This was very much expected. Libra is essentially a digital version of the United States Dollar. And the problem is that France has only one national currency (the Euro). Allowing Libra would mean allowing the US Dollar along with Euro and I don't think that a lot many of the countries are going to be comfortable with it. Forget France, even Canada is not going to allow Libra.

The only viable option now for Facebook is to create local versions of Libra in regions outside the United States. For example, within the European Union, they can issue a different version of Libra, that is backed up with Euro rather than the US Dollar. Similarly, for China, they can issue a version of Libra that is backed up by assets denominated in the Chinese Yuan.

Those countries have the right to show their concern if they feel that it will disrupt their rule of governing, the least thing that we need right now is to create what will cause disharmony or give power to a total stranger, the reason why I called Facebook total stranger is because they have not been in politics or government affair for them to want to create Libra coin for purpose of wanting global currency, they should quite limit the use off their coin to their platform, for the people that do make use of the platform to make payment for the services that they do render.

I am waiting for Facebook to actually issue official statement on the issue of France and Europe having issue with their proposed Libra project so that we know where they stand.