France: We can't allow Facebook's Libra in Europe - page 2.

PuertoLibre

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Quote from: Baofeng on September 18, 2019, 12:13:17 AM

France: We can't allow Facebook's Libra in Europe

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?

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. The powerful reactions by the big countries show how dangerous the cryptocurrencies for the government. The big threat was not born yet but look at the reaction of the developed countries of the European Union. The Libra will be a warning to their dominance in the world in my conclusion. In order to decrease the demand they can use their power by making shady tricks but they don't want to be a problem maker in this situation if the market demand grows exponentially.

Chrystora123

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Quote from: nreal on September 18, 2019, 04:43:19 AM

Facebook currently has more than two billion users, more than any other country, and more than 4 times the European Union. Therefore, not only France or Europe, I believe that the governments of many countries feel threatened by Libra. Even so the head of Libra is still very confident that it can make it on time, I look forward to that day.

if some countries want to fight Libra then they must create their own cryptocurrency, China has already created their own country's cryptocurrency to fight Libra.

just a rule!! I don't think will be strong enough to fight Libra. France and the European Union must create a Libra challenger cryptocurrency.

rahmatullah9305

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All the urgent things about this Libra coin are very serious. So I want to say this very clearly, in this condition, the French Minister of Economy and Finance gave a stern warning to Libra coins, Facebook's controversial cryptocurrency coins will not be allowed to be sponsored in France. it is possible that Libra coins can challenge and damage the euro and also disrupt the entire French economy.

fortunecrypto

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Quote from: Iyeman on September 18, 2019, 08:05:16 AM

This is the best solution for libra
https://ca.reuters.com/article/technologyNews/idCAKCN1VX0IX-OCATC

As so many articles said about canadian countries are interesting to take libra as a part of their ecosystem. I meant you cna see how FINMA gives a positive reaction for libra.
Libra must forget EU and US and start its step from the canadian countries.

There are some countries whi look at its positive side than it's negative sides, just like what France is doing, they are afraid of something that is not yet there, they should take a balanced stand and let Libra Coin launch first before they take action if they think or see Facebook coin is against their policy.

Iyeman

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This is the best solution for libra
https://ca.reuters.com/article/technologyNews/idCAKCN1VX0IX-OCATC

As so many articles said about canadian countries are interesting to take libra as a part of their ecosystem. I meant you cna see how FINMA gives a positive reaction for libra.
Libra must forget EU and US and start its step from the canadian countries.

coin-investor

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Quote from: Baofeng on September 18, 2019, 12:13:17 AM

France: We can't allow Facebook's Libra in Europe

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?

I think France has seen something about what Libra Coin can do, this is why they make their first move, on banning Libra coin in their territory, but knowing Facebook, they have the resources, they can do amendments and cooperation they can fix this in the future, this is a temporary set back for them.
But if Facebook continue to do things that can harm the privacy of their users, then we can expect more countries banning Libra Coin.

vanya.pronin.1983

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I think they will accept it sooner or later, because it does not makes sense for Europe. They were always very crypto friendly and countries like Germany and Switzerland are the modern silicon valleys for crypto currencies and blockchain in general.

ivaf

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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.

JNvak

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Honestly, I thought Facebook lost its facade as a secure social media long ago. But then we have Libra that will probably become a huge source of information about its users that will be sold. And now I heard about "Facebook Dating" where you can willingly share info like who is your crush to Facebook. I start to believe that most of the people don't care about their privacy anymore.

Saisher

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Quote from: Baofeng on September 18, 2019, 12:13:17 AM

France: We can't allow Facebook's Libra in Europe

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.

bitsurfer2014

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I'm quite amazed that the international community are getting more vocal on their resistance to Facebook's Libra and this

could pose a mighty challenge to the social media giant on what strategies they would do to get it a mainstream approval.

The burden of proof lies on Facebook's main agenda and should convince Governments that its cryptocurrency should not

have any detrimental effects to a country's monetary system but I doubt they will come to ever listen to this argument.

salty

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If such issues are discussed at such a high level, then libra clearly does not suit the European Union, and if that is the case, then Facebook cannot be seen as successful.

samcrypto

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Quote from: dearbesz1219 on September 18, 2019, 04:25:19 AM

France is not Libra positive, but true crypto positive. They finally issued a law that the exchange of cryptocurrency to another cryptocurrency is not subject to taxes. You pay taxes only from profit when you sell your cryptocurrencies into fiat.

There might be a personal reason behind this because France is a cryptofriendly place, looks like the hate on Libra coin is high right now despite that its not fully out in the market. Facebook issues about the data privacy really affects their reputation, and their future adoption with cryptocurrency is affected.

TheClownSong

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Quote from: dearbesz1219 on September 18, 2019, 04:25:19 AM

France is not Libra positive, but true crypto positive. They finally issued a law that the exchange of cryptocurrency to another cryptocurrency is not subject to taxes. You pay taxes only from profit when you sell your cryptocurrencies into fiat.

Maybe because Libra Coin can eliminate the role of the central bank while France treats other cryptocurrency as digital assets. If the State allows the use of Libra Coin, there is a chance that there will be a reduction in the role of the country's currency in the economy because Libra coin transactions do not require the role of the Central Bank

Jating

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Quote from: dearbesz1219 on September 18, 2019, 04:25:19 AM

France is not Libra positive, but true crypto positive. They finally issued a law that the exchange of cryptocurrency to another cryptocurrency is not subject to taxes. You pay taxes only from profit when you sell your cryptocurrencies into fiat.

That is good. Here is the link for that news, https://blockonomi.com/france-no-tax-on-gains-from-crypto-to-crypto-trades/

Quote from: nreal on September 18, 2019, 04:43:19 AM

Facebook currently has more than two billion users, more than any other country, and more than 4 times the European Union. Therefore, not only France or Europe, I believe that the governments of many countries feel threatened by Libra. Even so the head of Libra is still very confident that it can make it on time, I look forward to that day.

I don't think that they feel threaten at all. What France say is that company such as Facebook are not to be trusted because they have problems protecting their consumers, and that's why France doesn't like this Libra project at all.

nreal

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Facebook currently has more than two billion users, more than any other country, and more than 4 times the European Union. Therefore, not only France or Europe, I believe that the governments of many countries feel threatened by Libra. Even so the head of Libra is still very confident that it can make it on time, I look forward to that day.

Red-Apple

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that is exactly why everyone has always been saying that centralized altcoins are always the worst kind. and it is the main reason why the centralized altcoins are always considered shitcoins and fail sooner or later.

the only thing different with Libra is a multi million dollar company behind it which will advertise it as much as they can but there is a very high chance that it will fail with a short amount of time.

dearbesz1219

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France is not Libra positive, but true crypto positive. They finally issued a law that the exchange of cryptocurrency to another cryptocurrency is not subject to taxes. You pay taxes only from profit when you sell your cryptocurrencies into fiat.

Upgrade00

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In the end, it all comes down to information. Information on individuals has become a very huge market since the turn of the millennium, and the more personal the information, the better.

With libra coin, Facebook cooperation would have lost of data on users (much more than they already do), and user privacy would be major concern. The government do not want this kind of data, except they are the ones controlling it.

MI6

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I think at the end, Libra will same to other altcoins. Maybe what government purpose actually good. Or maybe only to monopoly, like what other said too. But in the end, maybe Libra will something that can traded in market, or maybe internal currency for facebook itself.

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