With its Libra currency Facebook wants to rule the world. It's as simple as thatChristian Fernsby ▼ | June 21, 2019
With the unveiling of Facebook’s Libra cryptocurrency raising regulatory questions, France is forming a task force within the Group of Seven (G7) to examine the issues.
America Mark Zuckerberg
Reuters reports Friday, that the governor of the French central bank, Francois Villeroy de Galhau, indicated the crypto task force would be headed by European Central Bank board member Benoit Coeure and would look at how cryptocurrencies are regulated to avoid money laundering and other problems.
The move had likely been on the cards, with France’s finance minister, Bruno Le Maire, on Tuesday expressing concerns that Libra might grow to replace traditional currencies, and calling for the G7 central bank governors to prepare a report on Facebook’s project for their July meeting.
“It is out of question’’ that Libra be allowed “become a sovereign currency,” Le Maire said at the time. “It can’t and it must not happen.”
Facebook’s initiative to “build a financial ecosystem that can plug in and empower billions of people” was formally announced Tuesday after months of rumors and speculation. Libra is a stablecoin designed to tame the volatility of cryptocurrencies and thus be useful for day-to-day commerce. During its development, Facebook partnered with some of the biggest names in payments and technology, such as Visa, Uber, and Coinbase. ■