France rejected every Libra for being "dangerous"

France rejected every Libra for being "dangerous"

France rejected every Libra for being "dangerous"

The problems with Facebook have already been resolved before the upcoming digital currency Libra is released.

The French Minister of Finance, Bruno Le Mari, addressed the OECD Global Block China Policy Forum 2019, a digital currency conference, on September 13 last week, saying he would like Facebook's Libra Crypto currency to be a threat to consumers. They said it would be a danger to France too.

He said this could jeopardize France's financial independence.

The 29-page white paper on Facebook said that the crypto currency was created by the Libra Association of Switzerland and that the Libra Association will look into its management. It will run on Facebook's open source block China software.

Financial institutions like MasterCard, PayPal and Visa will support it and obviously make profits from it.

The Libra program and Facebook executives responded to the French minister's statement, saying that Libra was designed as a better pay-per-minute network. This system will run on current currencies. In addition, the Libra will have to be actualized at the back of the currency, ie the amount of Libra coins that will be issued. It will have the same value as gold on its back.