France is trying to unite the EU against Libra

France is trying to unite the EU against Libra

The five largest eurozone economies, on the initiative of France, decided to unite to hinder the development of the stable Libra in their jurisdictions.

The initiative group, led by France, was joined by Germany, Italy, Spain and the Netherlands. In October, representatives of these states gathered behind closed doors to discuss a plan to prevent the launch of Libra in the EU. Then, the deputy finance ministers of these countries reported their position to other EU members in Brussels. They called on the authorities of other states to consider options for a joint ban and pressure on Facebook, as well as on other members of the Swiss-registered Libra Association, so that they refuse to participate in the project.

At the same time, officials noted that implementing a complete ban would be quite problematic, because they would need an official reason for restricting payment services and additional information regarding the functioning mechanisms of Libra. They also expressed concern that a complete ban would have a negative impact on the development of other technological projects in the region.

“We must all carefully analyze and eliminate all risks, as well as create an appropriate regulatory and supervisory legal framework. Only then can such projects be launched, ”the Ministry of Finance of Spain noted, adding that the Libra declaration is being developed together with other participants in the eurozone. According to current data, finance ministers at a meeting of the Council on Economics and Finance on November 8 plan to discuss a statement that will be published in December.

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On October 18, French Finance Minister Bruno Le Mayor announced that countries could lose their sovereignty in monetary policy because of private interests, and this alignment does not suit them.

In addition, about two weeks ago, the Deputy Governor of the Bank of France Denis Beau (Denis Beau) said that the governments of different countries need to agree on global standards in the regulation of the cryptocurrency industry.