France will block Facebook’s Libra CryptoCurrency in Europe!

Oct 7, 2019 Cryptocurrency
France will block Facebook's Libra CryptoCurrency in Europe

I can understand what to react to the situation when a product or any technology faces criticism before its launch. Here, my friends, I am highlighting one such prior launch of a CryptoCurrency called Libra. Actually, the CryptoCurrency Libra is still not launched but got some popularity in advance. However, it is expected to be launched next year (2020) by Facebook. Facebook Company is facing many issues regarding its CryptoCurrency and the news is not ending yet. Now a country like France is ready to create big problems for Facebook as it said that it will block such kind of services in European countries.

This is another problem that Libra is facing before its launch, but you think that blocking is a solution? Now the question is why France will do so?

This can be a hectic moment for Facebook as Libra is blocked in Europe before its launch and they are totally afraid of coming months that what will happen. Read this content properly as we try to know the reason behind this and something related to Libra, so pay attention.

Why France has a problem with Libra CryptoCurrency?

Still, Libra has not launched and facing issues like this and now France said about this upcoming CryptoCurrency introducing by Facebook that they will block Libra in Europe. This blocking statement was shared by its country’s finance minister Bruno Le Maire and he also shared a reason for blocking. He said that it can increase a big problem for the consumers and also Government Monetary Sovereignty can also be in serious situation of risk so no such Libra can enter here. In short, the country has decided not to authorize the development of Libra cryptocurrency here in their Europe soil in the future. 

Statement of Finance Minister of France after understanding all this

France understands everything and also noted some danger posed by Digital currency and reading all matter its Finance Minister Bruno Le Maire said: “The Monetary sovereignty of countries is at stake from possible privatization of money by a sole actor with more than 2 billion users on the planet.”

If we watch the other side then it might surprise you when you get to know Libra can enable users to abandon national currency when crises are going on. One more thing, you will like Libra when you get to know that it saves some efforts of the government of your country to manage the economy.

What Facebook shared about Libra and its role? Let’s check 

Facebook said they are looking to launch its cryptocurrency next year in the mid-term. Facebook also creates an immediate warning for some experts that Libra is ready to shift control over the economy from government and central banks to big businesses.

You can’t deny the fact that such investments in this CryptoCurrency can be risky for the consumers. Not only are we including Libra as users who invested in Bitcoin suffer from huge losses by betting on their value. We agree with this that the CryptoCurrency called Libra will not be decentralized but research said that it will be entrusted with Swiss-based association of major technology and financial service companies. 

How Libra CryptoCurrency can be more helpful? Is it possible?

Head of policy and communications at the Libra Association, Dante Disparte said that “The association wanted to work with regulators to achieve a safe, transparent and consumer-focused implementation of the Libra project”.

Above you read some negative aspects which France country shared about Libra but let me tell you something interesting about it. Facebook wants to give an opportunity to every user to provide low-cost online commerce and also some financial service.

Those who don’t have a bank account these days, Libra is helpful for them and also such CryptoCurrency enables users who run small businesses to buy ads on the social network. 

Final words

Of course every coin has two faces but we want users to read both and then set their minds whether to use it or not. I strongly believe Libra has lots of positivity but it is also possible that it has some negative aspects.

Earlier Facebook said that it will not launch Libra until it has satisfied concerns of regulators around the world or you can say it is safe to use.

Facebook is still working on its improvement. It is up to you what to see so right now the situation is tough for the Libra in the European nation.

We will update you further if any information regarding Libra we got. Till then keep reading and get in touch with us.

Mayank Puri

Mayank Puri is a technical writer at Softifive (Maigro Technology), a leading Software Development Company. Mayank is passionate about technologies. he enjoys writing about Custom Software Development, Blockchain Technology, Cryptocurrency, Mobile Apps, and Internet Services. A techie himself, he has chosen written words to express his interest in the upcoming trends in the tech space.