Topic: France: We can't allow Facebook's Libra in Europe (Read 390 times)
It seems many countries will be on the opposite side of Facebook's Libra! Sometimes I feel Libra can be a boos for the crypto market in mass media, but again I think Libra is not a cryptocurrency at all. I can't predict what gonna happen with the Libra, but I am waiting to see it live and reactions. France certainly has some reasons to boycott Libra!
I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next
What is the reason to prohibit Libra if it can be bought by all means? This FB coin is not going to fight with Euro, and France (the other countries also) will not suffer from it. I do not think that namy countries will follow France (government). The truth is that Facebook will reach its goal, and sooner or later, we will all see if Libra is a really safe belt or if it is just a took to let FB owners make more money.
The French rejection became a challenge for Facebook executives. France appraised that libra coin could paralyze the country's economy. And become a hair-raising phantom if the currency became the people's backbone of transactions. And it could result in the death of state banks and other sectors. Facebook must make a strong contention that libra coins do not make fiat transactions die by its presence.
I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next
Im not sure about that consider about libra is a part of big projects and there will be a lot of benefits for Asian countries to accept libra and Asia has different perception about the libra project. But a big project will not always give the best result as the output of its development. TON's price already traded below the ico price and investors have been losing 50% of its money.
Why libra doesn't try to approve a big offer that has already offered by finma.
The world governments are afraid of what Facebook will become if it is allowed to carry on with its Libra project. The platform already possessed billions of users' data all over the world and it is about adding financial data of these users to its database. Knowing fully well the scandal records of Facebook, it will be hard to handover such massive data again to them. I doubt if the Libra project will ever start again. Many governments will still rise against it.
If Libra will be centralized then it will face stiff opposition from different developed nations. Only decentralization will help Libra. Facebook owner, Mark Zuckerberg already has problems with his platform concerning user data and I think that alone will make major governments frown at Libra
I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next
European countries are not friendly to the unregulated companies and their government doesn't really care about the future plans of the payment gateways. The threat towards the Libra is connected to the curve of the alternative payment system's development but the future of the crypto can affect their old school financial services. The union of the governments is not able to stop the single transaction on the blockchain and the crypto industry will be there no matter how dominant the government is. France and Germany may block the crypto transactions in their country with special tax threats but these governments also understand the risks of banning the demand of the crypto investors. The new demand by the historical figure companies will lead to the new treatment by the before-mentioned companies sooner or later in my judgment.
I can imagine that there are going to be many more countries that are going to be anti Libra. If Europe is one of the first then I would imagine Asia could be next
I think what really the issue in here is that people and government are afraid of what really will happen in the economy imagine facebook for example has almost the data or information of every human being who signup with facebook, then libra ofcourse will then be integrate to facebook, since they all has the data required , so this makes facebook and libra makes bigger than the government having the information, on the otherhand people and the government are afraid facebook might use it against the people same with the government and takes control of everything well thats my opinion everyone is free to share their thoughts I hope we hear the others
I am not sure that data is really of their main concern, and i believe their main concern is that part where they would not want anything that would make Facebook bigger than them and this has to do with financial control, and the power of government lies more in the financial system of the country, that is the main control and power that they have over there citizens.If they really allow Facebook, Facebook would indirectly build a nation and this might be called Facebook city, i am sure that Facebook still has that vision of building a nation because right now, they have the largest user database, and once they have control of cryptocurrency, they are indirectly in control, i am not also in support of the Facebook coin.
I think what really the issue in here is that people and government are afraid of what really will happen in the economy imagine facebook for example has almost the data or information of every human being who signup with facebook, then libra ofcourse will then be integrate to facebook, since they all has the data required , so this makes facebook and libra makes bigger than the government having the information, on the otherhand people and the government are afraid facebook might use it against the people same with the government and takes control of everything well thats my opinion everyone is free to share their thoughts I hope we hear the others
Therefore, I would not want a huge scale stable coin to be issued not only by Facebook, but also by any other private corporation. Such coins should be issued by a union of states that will provide this coin with their own currency. Such a coin will indeed be reliable and should be in good demand.As for the Libra project, with the advent of this coin there were so big problems that I think that Facebook would not dare even release it. If Facebook still decides to issue this coin, then there will be more penalties than profit.
There's a concern and potential threat to any country that will allow it to operate. Good decision for France though, they see it as centralized currency where they have projected the possible risk that it brings to them.
Things are getting clearer now for those who don't understand what Libra is. But still, not every country will follow the decision of France there would be countries that will take the bet and allow Libra to operate into their jurisdiction.
I still oppose libra because of its nature of Centralized where public will not be knowing the insight . Allowing libra doesnt make any potential growth for Crypto space . Most of the European countries still allows crypto currency compare to asian currency . I hope Libra is not following or allowing the original purpose of crypto currency.Things are getting clearer now for those who don't understand what Libra is. But still, not every country will follow the decision of France there would be countries that will take the bet and allow Libra to operate into their jurisdiction.
It wouldn't be Libra against cryptocurrencies but it would be against the gov't. That's probably their main target and I think they are aware of what they are doing. They've hired several blockchain professionals for this project and even a legal team would be aware of the consequences of this development.
France: We can't allow Facebook's Libra in Europe
https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-we-cant-allow-facebooks-libra-in-europe-idUSKCN1VX0X5
Libra hasn't taken off but it looks like it will have a lot of roadblocks ahead specially in Europe. I don't know what steps Facebook big brass will do, but it is going to be difficult for them specially their history about protecting their user's privacy.
What are your thoughts?
Quote
PARIS (Reuters) - Facebook’s Libra cryptocurrency cannot be allowed to operate in Europe while concerns persist about sovereignty, systemic financial risks and the risk of abuses by a dominant market player, France’s finance minister said on Thursday.
https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-we-cant-allow-facebooks-libra-in-europe-idUSKCN1VX0X5
Libra hasn't taken off but it looks like it will have a lot of roadblocks ahead specially in Europe. I don't know what steps Facebook big brass will do, but it is going to be difficult for them specially their history about protecting their user's privacy.
What are your thoughts?
Because of this, Libra coin will take note of this, and he will make sure that all the allegations are not true or going to happen, I'm pretty sure Libra Coin are all aware of this and will try to address this issue, we all know Facebook is good in lobbying, so I'm pretty sure they are going to lobby to the European community.
How can they make a lobby if it is outside of their jurisdiction? Well, they already have plans first to lobby the US congress by hiring a group. In the US it can be done because lobbyist are very powerful entity. But I doubt that they can do it in EU though. We have seen EU's stance against them and even Mark Z can't turn the tides on their favour.
Perhaps this is just an eye opening for Facebook and Libra that government around the world are not going to let them control specially if it comes down to money. Maybe France took notice of Libra and most likely won't allow manipulation.
This is not a good omen for Facebook and neither is it for Libra coin. Anyways the two are the same. However, if it is accepted in other continents of the world, there might not be any problem for them, but I a case where others are also expressing their reservations, then there might be a serious challenge, which might hinder its success.
I'm still against Libra to be brought to life tbh and it's great to see people being awake of what's going on behind the scenes. There are so many big companies that sell your data and since you're just a normal consumer, you'll have no idea that it's already happening during your sleep. Having full blockchain functionality will definitely solve privacy issues and this is what needs to be implemented for people to feel at ease.
Are we being fair to Libra or we're already judging them based on the company behind them?
Are we being fair to Libra or we're already judging them based on the company behind them?
The current stance of France on rejecting Libra is quite and indication that Facebook is working well underground to see that it's launched and it looks more likely as the day goes by. What I don't understand is Frances inclination on the rejection. Could it be because of tainted image of Facebook as regards user data abuse
It's going to be extremely difficult for Facebook to scale through all these hindrances to the launch of LIBRA. When I saw that news that France is retarding by all means the operation of Libra in Europe, plus other strong barriers before now, it's crystal clear that the launch of LIBRA is a probability. Well, let's just see what the future brings, authorities might consider it since it's highly centralized.
I think that the Libra project from Facebook will successfully overcome all difficulties. I am sure that after some time France will change its attitude towards the project. This is just a matter of time.
I think it all depends on other European countries. if they accept Libra, in the end France will also support it too. when released later we will see what the actual French attitude like. whether they still block or support.
In fact, France does not speak out against the cryptocurrency market, but sees a certain danger in the Libra project. Here you can find so many interesting aspects why Libra was so alarmed by many governments. But I can express one simple opinion that I would not want all my personal data, as well as all financial information to be concentrated in one hand. Previously, the social network was only for communication between people or for obtaining information, but today Facebook decided to implement a plan that worries not only the government, but also ordinary people. I want us to look at this issue not as fans of cryptocurrency, but as ordinary citizens of the state.
Many government/country are afraid for the world adaption of cryptocurency, it is a big threat for FIAT.
With this facebook coin called LIBRA, a big addition for the cryptocurrency will definitely be stop by many of them.
Once LIBRA and BITCOIN collide and push many people to get it and use it, they are all dead.
With this facebook coin called LIBRA, a big addition for the cryptocurrency will definitely be stop by many of them.
Once LIBRA and BITCOIN collide and push many people to get it and use it, they are all dead.
If I have to look at it differently, France just want to negotiate first before allowing Libra into their country and probably all the countries in EU to also negotiate, they don't wanna lose control over their country over this big online company. If they acquire Libra funds at least then they can control their country. I'd like to believe they want to control facebook in their country by allowing them to use the facebook.fr But this is just me thinking crazy.
France: We can't allow Facebook's Libra in Europe
https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-we-cant-allow-facebooks-libra-in-europe-idUSKCN1VX0X5
Libra hasn't taken off but it looks like it will have a lot of roadblocks ahead specially in Europe. I don't know what steps Facebook big brass will do, but it is going to be difficult for them specially their history about protecting their user's privacy.
What are your thoughts?
France and Germany disdain Libra, personally speaking, l can not understand this reason. Because Germany is one of the biggest Europe countries, which accepts crypto. l don't think that, Germany feels threatened by Facebook's Libra, overall Germany doesn't need to do something such as so. After Libra launched we can see, what will happen.Quote
PARIS (Reuters) - Facebook’s Libra cryptocurrency cannot be allowed to operate in Europe while concerns persist about sovereignty, systemic financial risks and the risk of abuses by a dominant market player, France’s finance minister said on Thursday.
https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-we-cant-allow-facebooks-libra-in-europe-idUSKCN1VX0X5
Libra hasn't taken off but it looks like it will have a lot of roadblocks ahead specially in Europe. I don't know what steps Facebook big brass will do, but it is going to be difficult for them specially their history about protecting their user's privacy.
What are your thoughts?
Libra is a threat. All the people in the world now rely to social media and when cryptocurrency has to become the money of the future such as Libra, they want the control.
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