{"id":395867,"date":"2019-09-12T18:00:51","date_gmt":"2019-09-12T18:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=395867"},"modified":"2019-09-12T15:01:55","modified_gmt":"2019-09-12T15:01:55","slug":"france-facebook-libra-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/france-facebook-libra-bitcoin\/","title":{"rendered":"France Blocking Facebook Libra in EU Shows True Power of Bitcoin"},"content":{"rendered":"

Governments and policymakers have been in an uproar<\/a> ever since Facebook debuted their Libra<\/a> cryptocurrency to the world, prompting the first signs of stricter regulation around crypto and Bitcoin looming.<\/p>\n

Among the list of concerned governments is France, whose Finance Minister just revealed that it would work to prevent the \u201cdevelopment of Libra on European soil.\u201d The opposition will likely be a challenge for Facebook\u2019s future crypto plans, however, the situation underscores the importance of decentralization and the value it brings to Bitcoin<\/a>.<\/p>\n

France Views Facebook’s Libra Crypto as a Threat<\/h2>\n
While speaking at an OECD conference focused on crypto<\/a> in Paris today, French Finance Minister Bruno Le Maire expressed \u201cserious\u201d concerns over Facebook Libra – a fiat-backed stablecoin the social media platform seeks to launch with the support of other major corporations – and revealed that his country would seek to block Facebook Libra from ever seeing the light of day in Europe.<\/p>\n
\u201cI want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil,\u201d Le Maire said.<\/p><\/blockquote>\n
Le Maire is opposed to Facebook Libra due to viewing it as a threat to \u201cmonetary sovereignty.\u201d Many others like the Finance Minister have taken a similar viewpoint and stance against the social media company’s foray into the world of digital assets.<\/p>\n
Policymakers in France, United Kingdom, United States, and others have all spoken out about the dangerous line Facebook is towing by trying to launch a currency that challenges well-established fiat currencies like the pound sterling or dollar – and therefore the very governments that back those fiat currencies.<\/p>\n
Related Reading | CNBC Analyst Slams Facebook Libra, Champions Bitcoin<\/a><\/strong><\/em><\/p>\n
The fact that countries like France and others have the ability at all to potentially block Facebook Libra<\/a> shows the true power – and value – of Bitcoin.<\/p>\n
The Power of Decentralization: Bitcoin Cannot Be Blocked By Governments<\/h2>\n
Unlike Facebook<\/a> Libra, which is designed by the social media giant and controlled by a Zuckerberg-built consortium, Bitcoin is decentralized and operates without the need for a third-party.<\/p>\n
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BREAKING: France plans to block Facebook\u2019s Libra cryptocurrency in the EU, as it's a threat to \u201cmonetary sovereignty.\u201d<\/p>\n
This shows the value of permissionless networks.<\/p>\n
— Rhythm (@Rhythmtrader) September 12, 2019<\/a><\/p><\/blockquote>\n