In echoing his previous comments, France’s Finance Minister, Bruno Le Maire has recently said he will strongly oppose the block the development of Facebook’s Libra Coin in France. At the heart of the issue is the idea that the digital coin with disrupt France’s monetary sovereignty and called the coin a “danger to consumers” and a “systemic risk”.
This comes as a harsh reality when several other key countries who initially voices support for Facebook’s digital coin have now drawn that support away, but continue to support the idea of a coin created to transact on the world’s biggest social media platform. Moreover, the Libra Association is registered in Switzerland and it remains to be seen what, if any influence France’s finance ministry can employ in order to dissuade european governments from assisting Facebook in its coin development efforts.
We could end up with different approaches to the Libra coin within Europe, with some countries blocking the use of the coin or applications associated with it, while others embrace it. Either way, it will be a learning curve for everyone as we see an eventual rollout of the coin some time next year.