France to block Facebook’s Libra cryptocurrency

Today's Latest

Indian enterprises are significantly adopting Cloud for businesses

New Delhi, Oct 18 (IANS) India has started to see significant Cloud adoption by the enterprises, including small and medium...

3 lakh civilians displaced in Turkish assault in northern Syria

Damascus, Oct 18 (IANS) As many as 300,000 civilians have so far been displaced since Turkey launched its long-threatened military...

Edible cups: Drink Tea in these cups and eat the cup after drinking

Hyderabad, Oct 18 (ANI): Keeping with the growing demands of environment-friendly products for serving and packaging food products and...

Popular Today

Indian enterprises are significantly adopting Cloud for businesses

New Delhi, Oct 18 (IANS) India has started to see significant Cloud adoption by the enterprises, including small and medium...

Karnataka ranked as the most innovative state in the country

New Delhi, Oct 18 (IANS) Karnataka has been ranked as the most innovative state in the country while the top...

Drinking alcohol frequent more dangerous than binge drinking

Seoul, Oct 18 (IANS) Alcohol lovers, take a note. Drinking small amounts of alcohol frequently is linked with a higher...
India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

France to block Facebook's Libra cryptocurrencyParis, Sep 12 (IANS) French Finance Minister Bruno Le Maire on Thursday said the country cannot authorise the development of Facebook’s proposed Libra cryptocurrency on European soil as it threatens the “monetary sovereignty” of governments.

Le Maire also cited the potential for abuse of market dominance as well as systemic financial risks as the reason why the cryptocurrency cannot operate in Europe, Sputnik news agency reported.

- Advertisement -

“All these concerns about Libra are serious. I therefore want to say with plenty of clarity: in these conditions we cannot authorise the development of Libra on European soil,” Le Maire was quoted as saying at the opening of an OECD conference on virtual, cryptocurrencies.

Facebook announced its intentions to launch the digital coin in June. The new cryptocurrency is designed to assist billions of its social media users in conducting international transactions.

The digital coin will be operated by Facebook along with 28 partners, including Visa, MasterCard, PayPal, Uber, Lyft, and Spotify.

The development of the Libra has raised grave concerns among lawmakers over how it will be regulated.

Earlier this month, a member of the board of the European Central Bank (ECB) cautioned that the Libra virtual currency could under certain circumstances negatively affect the bank’s ability to regulate the euro and the single market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Security forces cleared to shoot down drones flying at 1,000 feet or below

New Delhi, Oct 13 (ANI): At a time when Pakistan-backed terror groups are using small drones to smuggle weapons...

3 lakh civilians displaced in Turkish assault in northern Syria

Damascus, Oct 18 (IANS) As many as 300,000 civilians have so far been displaced since Turkey launched its long-threatened military campaign against the Kurdish forces...

Edible cups: Drink Tea in these cups and eat the cup after drinking

Hyderabad, Oct 18 (ANI): Keeping with the growing demands of environment-friendly products for serving and packaging food products and beverages, a Hyderabad-based company has...

Modi assures youth, coming years full of possibilities

Pune, Oct 18 (ANI): Prime Minister Narendra Modi on Thursday took a veiled dig at opposition parties for targeting the government over slowdown in...

France, Germany, Ireland welcome new Brexit deal

Paris, Oct 18 (ANI): Britain and the European Union (EU) on Thursday finally struck a new Brexit deal after days of intense back-and-forth negotiations,...

More Articles Like This