French Ministry of Finance seeks to block Mark Zuckerberg’s cryptocurrency

According to the Finance Minister, the Libra cryptocurrency is a threat to the monetary sovereignty of European countries.

Mark Zuckerberg’s cryptocurrency project Libra was met with harsh criticism from the Ministry of Finance in France. Minister Bruno Le Maire declared his disapproval for the project and his serious intention to fight against its acceptance, not only in France, but across the European Union. According to the public official, Libra threatens the stability of financial systems in European countries. 

The methods that Le Maire will use to recruit other countries to his cause are still unclear. One potential way of counteracting Libra would be to create a European cryptocurrency called EuroCoin. French finance officials are currently discussing the possibility of developing this type of system. 

It’s worth noting that the French Ministry of Finance is not the only opponent of the Facebook founder’s initiative. For example, in the United States the project development strategy had to be changed under pressure from Congress. After Libra met with hostility from the government, Facebook sought out the assistance of professional lobbyists and lawyers to execute the project in a way that would offer the maximum benefits to the company. 

Members of the cryptocurrency community also have their reservations about Libra. This payment system will not be decentralized: instead, it will be managed by Calibra, a subsidiary of Facebook. This approach goes against the core concept of blockchain, which is based on distributed management.