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

[Baofeng]

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

PARIS (Reuters) - Facebook’s Libra cryptocurrency cannot be allowed to operate in Europe while concerns persist about sovereignty, systemic financial risks and the risk of abuses by a dominant market player, France’s finance minister said on Thursday.

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?

[akirasendo17]

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

[passwordnow]

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.

[niisarearning]

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.

[mersal]

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.

[Farma]

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.

[Peterdav]

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.

[betty11]

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.

[Miklight88]

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 .

[MI6]

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.

[Upgrade00]

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.

[dearbesz1219]

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.

[Red-Apple]

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.

[nreal]

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.

[Jating]

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

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.

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.

[TheClownSong]

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.

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

[samcrypto]

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.

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.

[salty]

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.

[bitsurfer2014]

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.

[Saisher]

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

PARIS (Reuters) - Facebook’s Libra cryptocurrency cannot be allowed to operate in Europe while concerns persist about sovereignty, systemic financial risks and the risk of abuses by a dominant market player, France’s finance minister said on Thursday.

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?

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.