France is against Libra. It needs a public digital currency

France is against Libra. It needs a public digital currency

Bruno Le Maire, French Finance Minister, announced on Thursday that Libra coin is going to be prevented in Europe because the currency is too unsafe and endangers sovereignty.

Le Maire mentioned at Organization for Economic Cooperation and Development in Paris that Libra is going to raise concerns about market dominance, endanger the sovereignty of states, develop uncertainties of business and consumers and can even become a reason for global economic disruption.

He said that all these concerns are extremely serious. So in these circumstances, France can’t authorize Libra’s growth on European soil.

The announcement of Facebook about Libra coin launch has confused lawmakers around the world. Global finance leaders meeting in France earlier this year admitted that the regulatory and systemic concerns must be addressed before such projects known as stable coins can be performed.

Le Maire announced that public authorities should hurry to work on projects for a “public digital currency,” starting as soon as the International Monetary Fund meetings in October. He noted he has already discussed the idea with European Central Bank President Mario Draghi and his successor Christine Lagarde.

As Le Maire stated he wants to have real results in the following few months.