French Finance Minister warns that Facebooks new Cryptocurrency can never become sovereign Currency

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French Minister of Finance, Bruno Le Maire

According to a Bloomberg report from Tuesday, french finance minister Bruno Le Maire has said that the Libra cryptocurrency from Facebook shouldn’t be seen as substitute or replacement for traditional currencies.

Le Maire said in an radio interview with Europe 1 radio that “it is out of the question” that Facebooks new cryptocurrency can become a sovereign currency.

He further adressed the Group of Seven central bank governors to prepare a report for their meeting with Le Maire in July.

Le Maires main concerns are with privacy, money laundering, and terrorism financing through Facebooks new Crypto project.

The news comes on the same day Facebook unveiled their Whitepaper and Test-Net for Libra as well as their Calibra Cryptocurrency Wallet coming out in 2020.

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Source: Bloomberg
Image Source: JDD papier

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