Facebook Unveils Libra… Now Europe is Crying
This past Tuesday Facebook unveiled its new cryptocurrency, Libra, which is set to launch in 2020.
It’s big news in my opinion, which is why I’ve been writing about it a lot, like here, here, and here.
Yesterday it was about US regulators calling for a halt of Libra. Today it’s Europe. And update on both below.
Yesterday, I was talking about how U.S. House Financial Services Committee Chairwoman Maxine Waters wants to put a halt to Libra development.
Now the Senate Committee on Banking, Housing, and Urban Affairs has scheduled a hearing on "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" for July 16.
It’s supposed to be webcast so that will be an interesting watch.
Over in Europe they’re pitching a fit over Libra too.
France doesn’t like the Libra. Their Finance Minister said Libra must not “become a sovereign currency.” And followed it up with “it can’t and it must not happen.”
Strong words from a bureaucrat.
Germany’s Finance Minister is up in arms too. He’s worried about Facebook becoming a shadow bank. He also said Libra “must not be allowed to operate in a regulatory nirvana when introducing virtual currencies.”
If I’m Facebook I’d say screw the U.S. and European markets and just focus on India and emerging markets.
The death of sovereign currencies has already started.
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