Bitcoin Forum

France: We can't allow Facebook's Libra in Europe


https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-we-cant-allow-facebooks-libra-in-europe-idUSKCN1VX0X5

Libra hasn't taken off but it looks like it will have a lot of roadblocks ahead specially in Europe. I don't know what steps Facebook big brass will do, but it is going to be difficult for them specially their history about protecting their user's privacy.

What are your thoughts?

I think what really the issue in here is that people and government are afraid of what really will happen in the economy imagine facebook for example has almost the data or information of every human being who signup with facebook, then libra ofcourse will then be integrate to facebook, since they all has the data required , so this makes facebook and libra makes bigger than the government having the information, on the otherhand people and the government are afraid facebook might use it against the people same with the government and takes control of everything well thats my opinion everyone is free to share their thoughts I hope we hear the others

There's a concern and potential threat to any country that will allow it to operate. Good decision for France though, they see it as centralized currency where they have projected the possible risk that it brings to them.
Things are getting clearer now for those who don't understand what Libra is. But still, not every country will follow the decision of France there would be countries that will take the bet and allow Libra to operate into their jurisdiction.

I still oppose libra because of its nature of Centralized where public will not be knowing the insight . Allowing libra doesnt make any potential growth for Crypto space . Most of the European countries still allows crypto currency compare to asian currency . I hope Libra is not following or allowing the original purpose of crypto currency.

Literally everybody knows that facebook is making profits by selling the user's privacy data to the companies so countries have protective law towards the people's privacy will concern about their currency since they will even further knows how much money everyone deals with.

I had suspected that libra will bring so much resistance. That is because Facebook has many users in each country, and it could be that transactions on the use of Libra become rivals for use on Fiat. it will be very beneficial for Facebook, and of course it will harm a country if it disrupts the economic system especially the use of fiat. However, until now there has not been any information from Facebook, but I have also heard that Germany, and several other countries are against this. this will be a difficult step for libra publishing in 2020.

Each country has its own regulations regarding crypto, france have a reason can't allow facebook cryptocurrency in Europe. We can only see what will happen after Libra launched.

The French government is concerned that Libra coin may take their financial dominance from them, thereby seeing the reduction of the overall role and power of IMF. And equally that the project is not a European start up but America. I don't know how far they can stop this when the people of Europe will be needing it for bridge building in their businesses.

A very strategy way to save the world has this Libra might be a new way to over take every crypto in to their save and want to over take the market by monopoly just as USD is trying to in all angle , I really support theoveby France and it will be a good one if every country follow the step cos they will not also allow any coin or token to take their jurisdiction .

I think at the end, Libra will same to other altcoins. Maybe what government purpose actually good. Or maybe only to monopoly, like what other said too. But in the end, maybe Libra will something that can traded in market, or maybe internal currency for facebook itself.

In the end, it all comes down to information. Information on individuals has become a very huge market since the turn of the millennium, and the more personal the information, the better.

With libra coin, Facebook cooperation would have lost of data on users (much more than they already do), and user privacy would be major concern. The government do not want this kind of data, except they are the ones controlling it.

France is not Libra positive, but true crypto positive. They finally issued a law that the exchange of cryptocurrency to another cryptocurrency is not subject to taxes. You pay taxes only from profit when you sell your cryptocurrencies into fiat. :)

that is exactly why everyone has always been saying that centralized altcoins are always the worst kind. and it is the main reason why the centralized altcoins are always considered shitcoins and fail sooner or later.

the only thing different with Libra is a multi million dollar company behind it which will advertise it as much as they can but there is a very high chance that it will fail with a short amount of time.

Facebook currently has more than two billion users, more than any other country, and more than 4 times the European Union. Therefore, not only France or Europe, I believe that the governments of many countries feel threatened by Libra. Even so the head of Libra is still very confident that it can make it on time, I look forward to that day.

That is good. Here is the link for that news, https://blockonomi.com/france-no-tax-on-gains-from-crypto-to-crypto-trades/

I don't think that they feel threaten at all. What France say is that company such as Facebook are not to be trusted because they have problems protecting their consumers, and that's why France doesn't like this Libra project at all.

Maybe because Libra Coin can eliminate the role of the central bank while France treats other cryptocurrency as digital assets. If the State allows the use of Libra Coin, there is a chance that there will be a reduction in the role of the country's currency in the economy because Libra coin transactions do not require the role of the Central Bank

There might be a personal reason behind this because France is a cryptofriendly place, looks like the hate on Libra coin is high right now despite that its not fully out in the market. Facebook issues about the data privacy really affects their reputation, and their future adoption with cryptocurrency is affected.

If such issues are discussed at such a high level, then libra clearly does not suit the European Union, and if that is the case, then Facebook cannot be seen as successful.

I'm quite amazed that the international community are getting more vocal on their resistance to Facebook's Libra and this

could pose a mighty challenge to the social media giant on what strategies they would do to get it a mainstream approval.

The burden of proof lies on Facebook's main agenda and should convince Governments that its cryptocurrency should not

have any detrimental effects to a country's monetary system but I doubt they will come to ever listen to this argument.

Because of this, Libra coin will take note of this, and he will make sure that all the allegations are not true or going to happen, I'm pretty sure Libra Coin are all aware of this and will try to address this issue, we all know Facebook is good in lobbying, so I'm pretty sure they are going to lobby to the European community.

Honestly, I thought Facebook lost its facade as a secure social media long ago. But then we have Libra that will probably become a huge source of information about its users that will be sold. And now I heard about "Facebook Dating" where you can willingly share info like who is your crush to Facebook. I start to believe that most of the people don't care about their privacy anymore.

I think that the Libra project from Facebook will successfully overcome all difficulties. I am sure that after some time France will change its attitude towards the project. This is just a matter of time.

I think they will accept it sooner or later, because it does not makes sense for Europe. They were always very crypto friendly and countries like Germany and Switzerland are the modern silicon valleys for crypto currencies and blockchain in general.

I think France has seen something about what Libra Coin can do, this is why they make their first move, on banning Libra coin in their territory, but knowing Facebook, they have the resources, they can do amendments and cooperation they can fix this in the future, this is a temporary set back for them.
But if Facebook continue to do things that can harm the privacy of their users, then we can expect more countries banning Libra Coin.

This is the best solution for libra
https://ca.reuters.com/article/technologyNews/idCAKCN1VX0IX-OCATC

As so many articles said about canadian countries are interesting to take libra as a part of their ecosystem. I meant you cna see how FINMA gives a positive reaction for libra.
Libra must forget EU and US and start its step from the canadian countries.

There are some countries whi look at its positive side than it's negative sides, just like what France is doing, they are afraid of something that is not yet there, they should take a balanced stand and let Libra Coin launch first before they take action if they think or see Facebook coin is against their policy.

All the urgent things about this Libra coin are very serious. So I want to say this very clearly, in this condition, the French Minister of Economy and Finance gave a stern warning to Libra coins, Facebook's controversial cryptocurrency coins will not be allowed to be sponsored in France. it is possible that Libra coins can challenge and damage the euro and also disrupt the entire French economy.

if some countries want to fight Libra then they must create their own cryptocurrency, China has already created their own country's cryptocurrency to fight Libra.

just a rule!!  I don't think will be strong enough to fight Libra. France and the European Union must create a Libra challenger cryptocurrency.

France and Germany disdain Libra, personally speaking, l can not understand this reason. Because Germany is one of the biggest Europe countries, which accepts crypto. l don't think that Germany feels threatened by Facebook's Libra, overall Germany doesn't need to do something such as so. After Libra launched we can see, what will happen. The powerful reactions by the big countries show how dangerous the cryptocurrencies for the government. The big threat was not born yet but look at the reaction of the developed countries of the European Union. The Libra will be a warning to their dominance in the world in my conclusion. In order to decrease the demand they can use their power by making shady tricks but they don't want to be a problem maker in this situation if the market demand grows exponentially.

If I have to look at it differently, France just want to negotiate first before allowing Libra into their country and probably all the countries in EU to also negotiate, they don't wanna lose control over their country over this big online company. If they acquire Libra funds at least then they can control their country. I'd like to believe they want to control facebook in their country by allowing them to use the facebook.fr But this is just me thinking crazy.


Libra is a threat. All the people in the world now rely to social media and when cryptocurrency has to become the money of the future such as Libra, they want the control.

Many government/country are afraid for the world adaption of cryptocurency, it is a big threat for FIAT.
With this facebook coin called LIBRA, a big addition for the cryptocurrency will definitely be stop by many of them.
Once LIBRA and BITCOIN collide and push many people to get it and use it, they are all dead.

In fact, France does not speak out against the cryptocurrency market, but sees a certain danger in the Libra project.  Here you can find so many interesting aspects why Libra was so alarmed by many governments.  But I can express one simple opinion that I would not want all my personal data, as well as all financial information to be concentrated in one hand.  Previously, the social network was only for communication between people or for obtaining information, but today Facebook decided to implement a plan that worries not only the government, but also ordinary people.  I want us to look at this issue not as fans of cryptocurrency, but as ordinary citizens of the state.

I think it all depends on other European countries. if they accept Libra, in the end France will also support it too. when released later we will see what the actual French attitude like. whether they still block or support.

It's going to be extremely difficult for Facebook to scale through all these hindrances to the launch of LIBRA. When I saw that news that France is retarding by all means the operation of Libra in Europe, plus other strong barriers before now, it's crystal clear that the launch of LIBRA is a probability. Well, let's just see what the future brings, authorities might consider it since it's highly centralized.

The current stance of France on rejecting Libra is quite and indication that Facebook is working well underground to see that it's launched and it looks more likely as the day goes by. What I don't understand is Frances inclination on the rejection. Could it be because of tainted image of Facebook as regards user data abuse

I'm still against Libra to be brought to life tbh and it's great to see people being awake of what's going on behind the scenes. There are so many big companies that sell your data and since you're just a normal consumer, you'll have no idea that it's already happening during your sleep. Having full blockchain functionality (http://www.elynet.io/?utm_source=lx) will definitely solve privacy issues and this is what needs to be implemented for people to feel at ease.

Are we being fair to Libra or we're already judging them based on the company behind them?

This is not a good omen for Facebook and neither is it for Libra coin. Anyways the two are the same. However, if it is accepted in other continents of the world, there might not be any problem for them, but I a case where others are also expressing their reservations, then there might be a serious challenge, which might hinder its success.

How can they make a lobby if it is outside of their jurisdiction? Well, they already have plans first to lobby the US congress by hiring a group. In the US it can be done because lobbyist are very powerful entity. But I doubt that they can do it in EU though. We have seen EU's stance against them and even Mark Z can't turn the tides on their favour.

Perhaps this is just an eye opening for Facebook and Libra that government around the world are not going to let them control specially if it comes down to money. Maybe France took notice of Libra and most likely won't allow manipulation.

Yes, it is centralized and that's why France has already stepped in and make their move of disallowing it to their country. But it wouldn't stop Libra because their market is wide and there's already a big investor that has trusted them.
It wouldn't be Libra against cryptocurrencies but it would be against the gov't. That's probably their main target and I think they are aware of what they are doing. They've hired several blockchain professionals for this project and even a legal team would be aware of the consequences of this development.

Therefore, I would not want a huge scale stable coin to be issued not only by Facebook, but also by any other private corporation. Such coins should be issued by a union of states that will provide this coin with their own currency. Such a coin will indeed be reliable and should be in good demand.
As for the Libra project, with the advent of this coin there were so big problems that I think that Facebook would not dare even release it. If Facebook still decides to issue this coin, then there will be more penalties than profit.

I am not sure that data is really of their main concern, and i believe their main concern is that part where they would not want anything that would make Facebook bigger than them and this has to do with financial control, and the power of government lies more in the financial system of the country, that is the main control and power that they have over there citizens.

If they really allow Facebook, Facebook would indirectly build a nation and this might be called Facebook city, i am sure that Facebook still has that vision of building a nation because right now, they have the largest user database, and once they have control of cryptocurrency, they are indirectly in control, i am not also in support of the Facebook coin.

I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next

European countries are not friendly to the unregulated companies and their government doesn't really care about the future plans of the payment gateways. The threat towards the Libra is connected to the curve of the alternative payment system's development but the future of the crypto can affect their old school financial services. The union of the governments is not able to stop the single transaction on the blockchain and the crypto industry will be there no matter how dominant the government is. France and Germany may block the crypto transactions in their country with special tax threats but these governments also understand the risks of banning the demand of the crypto investors. The new demand by the historical figure companies will lead to the new treatment by the before-mentioned companies sooner or later in my judgment.

If Libra will be centralized then it will face stiff opposition from different developed nations. Only decentralization will help Libra. Facebook owner, Mark Zuckerberg already has problems with his platform concerning user data and I think that alone will make major governments frown at Libra

The world governments are afraid of what Facebook will become if it is allowed to carry on with its Libra project. The platform already possessed billions of users' data all over the world and it is about adding financial data of these users to its database. Knowing fully well the scandal records of Facebook, it will be hard to handover such massive data again to them. I doubt if the Libra project will ever start again. Many governments will still rise against it.

Im not sure about that consider about libra is a part of big projects and there will be a lot of benefits for Asian countries to accept libra and Asia has different perception about the libra project.
But a big project will not always give the best result as the output of its development. TON's price already traded below the ico price and investors have been losing 50% of its money.
Why libra doesn't try to approve a big offer that has already offered by finma.  ???

The French rejection became a challenge for Facebook executives. France appraised that libra coin could paralyze the country's economy. And become a hair-raising phantom if the currency became the people's backbone of transactions. And it could result in the death of state banks and other sectors. Facebook must make a strong contention that libra coins do not make fiat transactions die by its presence.

What is the reason to prohibit Libra if it can be bought by all means? This FB coin is not going to fight with Euro, and France (the other countries also) will not suffer from it. I do not think that namy countries will follow France (government). The truth is that Facebook will reach its goal, and sooner or later, we will all see if Libra is a really safe belt or if it is just a took to let FB owners make more money.

It seems many countries will be on the opposite side of Facebook's Libra! Sometimes I feel Libra can be a boos for the crypto market in mass media, but again I think Libra is not a cryptocurrency at all. I can't predict what gonna happen with the Libra, but I am waiting to see it live and reactions. France certainly has some reasons to boycott Libra!