Le Maire: Libra not acceptable without strict rules

Wednesday, 17. July 2019 13:14

Facebook's cryptocurrency Libra cannot be accepted in circulation as long as it isn't subject to strict rules, just like other currencies, French Finance Minister Bruno Le Maire said at a G7 event in Chantilly on Wednesday.

Speaking to CNBC, the minister said: "I would say this is first of all a question of sovereignty. You have states, the United States, France, Germany, Italy — all sovereign states with sovereign currencies: dollar, euro and so on and they are sticking to some very strong commitments, some very strong rules. We cannot accept a new currency having the exact same kind of power, without the same kind of rules, without the same kind of commitments and without the same kind of obligations." Le Maire added that Libra also raises concerns over the possibility of financing terrorist activities and over its potential use for money laundering.

Facebook claimed earlier that it is planning to address all concerns over Libra with the help of Swiss regulators, but the office of Switzerland's Federal Data Protection and Information Commissioner (FDPIC) said they were never contacted by the California-based tech giant.

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