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French, German Officials Want Clear Regulations For Libra

1 min
19 July 2019, 21:42 GMT+0000
Updated by Kyle Baird
19 July 2019, 21:42 GMT+0000
The French and German finance ministers are echoing calls by other world leaders to pause Facebook’s plans for its Libra cryptocurrency. This hold would continue until regulatory questions are adequately answered.
French Finance Minister Brune Le Maire told journalists after a recent G7 meeting that “the sovereignty of nations cannot be jeopardised” by Facebook’s Libra cryptocurrency. German Finance Minister Olaf Scholz has similar concerns, saying that Libra “cannot go ahead without all legal and regulatory questions being resolved.”

Calls to Stop Libra Are On The Rise

Globally, calls to stop Facebook’s Libra have intensified. US Treasury Secretary Steven Mnuchin told reporters on Tuesday that he had “very serious concerns” about the stablecoin. Other nations have taken it upon themselves to create a global consensus on the matter, with France leading the charge to create a G7 cryptocurrency task force. Opinions on the Libra at the highest level have ranged from ambivalence to outright hostility. There are fears that Facebook could become a significant monopolizing entity with state-like powers if Libra were to come to fruition. Therefore, the comments by the two finance ministers are yet another addition to the global calls for regulatory clarity on this matter. As Finance Minister Le Maire told reporters, “There is a need for regulation, there is a need for very strong commitments and obligations… for the time being, the necessary requirements are not being fulfilled by the project Libra.”