France and Germany said on Friday that Facebook's Libra currency posed risk...
) Libra currency posed risks to the financial sector that could block its authorization in Europe, and backed the development of an alternative public cryptocurrency.
“France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed,” they said. Libra was “a wake-up call”, European Central Bank board member Benoit Coeure told a news conference in Helsinki after a meeting of euro zone finance ministers.
These actors are all needed now to process digital payments, but may no longer be necessary if the ECB took over their functions, slashing transaction costs. Libra’s plan also would do without financial intermediaries. The EU’s financial services commissioner, Latvia’s Valdis Dombrovskis, is always careful to underline that cryptoassets are an opportunity as much as a threat.
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