French Billionaire: Facebook’s Libra Is Inevitable, Best to Accept It As It ‘Will Exist’
Xavier Niel, the French billionaire who owns several telecom groups in the country, has recently affirmed that the new stablecoin projected by Facebook, known as the Libra, is inevitable. According to his latest column on Les Echos, a French newspaper focused on the financial world, Libra will definitely exist.
He defends the idea that it is a good idea to approve the Libra. If the project is closed down, he believes, no one would profit from it. He affirmed that the payments are much faster and interpersonal than banks and that there will no “middlemen” such as the banks that currently have a monopoly over the financial market.
The billionaire defended the project by affirming that the Libra is reliable and that it is guaranteed to have data protection. He acknowledged that the fight against money laundering is important but that despite how legitimate these concerns are, the innovation needs to be done without prohibition, as it would bring many benefits to the table.
Niel has shown a very pro-Libra stance, which has a stark contrast with the position from the regulators in France, the U. S., the U. K., and other countries. Most regulators disagree that the Libra is really safe and that it will protect the ID of its clients at all since Facebook has failed to do it before. Some would even disagree that a project headed by Facebook has no middlemen, too.
For instance, the French Economy Minister Bruno Le Maire recently affirmed that the Libra would threaten the monetary sovereignty of the local countries and that it should not be launched or the world would be in trouble.