News

Libra schedules launch for 2020, but it's not welcome in Europe
NEWS
September 13  |  2 min read

Libra Plans Launch in 2020, French Minister Indicates It’s Not Welcome

The COIN360 Editorial Team

Facebook-led Libra is expected to launch by the end of 2020, according to what Bertrand Perez, managing director and chief operating officer of the Libra Association, shared in an interview with Les Echos:

“We are firmly maintaining our launch schedule, between the end of the first half of the year and the end of 2020.”

Perez noted in the interview that the organization, which consists of 28 members from around the world, has a lot of work to do, “especially with the regulators” in order to meet its schedule.

Perez said that he and his team “are fully aware of the issues related to money laundering and terrorist financing,” and the associated risks and they plan to “work with regulators to address them.” First on the agenda for the Libra Association is seeking approval as a payment system in Switzerland.

Meanwhile, French authorities are sending Libra a clear message that the proposed stablecoin is not welcome in Europe.

Bruno Le Maire, Minister of the Economy and Finance of France, yesterday announced that the government would not authorize the Libra cryptocurrency in Europe in its current conception as it threatens the “monetary sovereignty of states:”

“The monetary sovereignty of countries is at stake [from the] possible privatization of money by a sole actor with more than 2 billion users on the planet.”

Instead, as Le Maire disclosed to reporters in Helsinki, he plans to promote the idea of an EU-wide “public digital currency.” His proposal will be discussed during the next IMF meeting in Washington next month.