Bruno Le Maire Demands Guarantees From Facebook Libra

French Minister of Economy and Finance Bruno Le MAIRE, known for his loyal attitude to cryptocurrencies, said he would “ask for guarantees” from the social network, specifically “the guarantee that this instrument of transaction can not be diverted to finance terrorism or any other illegal activity."

Le Maire also asked the governors of the G7 central banks to report what guarantees are to be obtained from Facebook:

“We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers. [...]  It will allow Facebook to accumulate millions and millions of data again, which strengthens me in my belief that it is necessary to regulate the digital giants, to make sure that they do not end up in monopolistic situations."

Facebook released cryptocurrency and blockchain-based financial infrastructure project on 18 June. The stablecoin is planned to operate on the native and scalable Libra blockchain, and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations.

Image courtesy of European Union