There are reports coming from France’s Finance Ministry that confirms that they have the same stance as Trump when it comes to Facebooks Libra.
President Trump claimed on Thursday that Facebook should have to register as a bank and submit to banking regulations if it plans to move forward with Libra, which company officials have touted as a faster, cheaper platform than traditional financial services. Trump’s objection reflects bipartisan investigation in Congress, where representatives in both houses have called on Facebook to submit to public hearings.
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.
Now France's Finance ministry reflects the same views. The anonymous source says:
“We will not allow private enterprises to give themselves the attributes of state sovereignty… the means of monetary sovereignty.”
Facebook has already taken steps to reassure regulators about “Libra,” which was announced amid lingering concerns over the company’s data privacy practices. The company has stressed that it will not exercise direct control over Libra. Rather, Facebook will be one of 29 companies that participates in the Libra Association, an independent Switzerland-based entity that will manage the cryptocurrency.
Libra has been facing regulatory hurdles with many governments across the globe. The Indian government has made sure that Libra does not see the light of day in India, and now the social giant has confirmed that it has no plans of launching its crypto project in India.