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French Finance Minister: Libra must not and can not become a sovereign currency


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Bruno Le Maire, French Minister of the Economy and Finance

June 18 2019

Libra: Bruno Le Maire warns Facebook and refuses the idea of a "sovereign currency"

 

 

 

Translation

Quote

Facebook has indeed announced its desire to create from 2020 its own digital currency.


If it is a transaction instrument, why not?
If it is a sovereign currency, it can not be the case.


This can not and must not become a sovereign currency.
With all the attributes of money, ie the ability to issue a sovereign title, the ability to be a reserve as are the central banks today, lenders of last resort, all this is not possible because the attribute of State sovereignty must remain in the hands of States and not to private companies which respond to private interests.


So I asked all the governors of the G7 (Germany, Canada, United States, France, Italy, Japan and United Kingdom) to submit a report at the time of the G7 of finance to be held in Chantilly mid-July (link below), on the guarantees that must be made on this digital currency for it to be possible.


Guarantees on the protection of individual data, guarantees on the fight against money laundering, guarantees on the fight against the financing of terrorism and guarantees of course on the protection of the economic and financial interests of the consumer.

 

G7 of finance

Chantilly, France, 17 - 18 July

https://www.elysee.fr/en/g7

Edited by JannaOneTrick
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