Social media giant Facebook launched its Libra virtual currency today and it didn’t go down well with the political opposition in Europe as Bruno Le, a French Finance Minister and a member of the European Parliament in Germany Markus Ferber urged cryptocurrency regulators to investigate the token.

A Report is Needed

Ferber issued a warning stating that Facebook which has over 2 billion users across the world might end up being a ‘shadow bank’.

He said:

“Multinational corporations such as Facebook must not be allowed to operate in a regulatory nirvana when introducing virtual currencies,”

While stating his opinion, Le Maire said something similar to Ferber, that the Group of Seven central bank governors should prepare a report on Facebook’s project for the meeting which will take in July because he suspects that Libra may expand such that it replaces native currencies.

He said:

“It is out of question’’ that Libra be allowed “become a sovereign currency,”
“It can’t and it must not happen,” he added

Also, the Prime Minister of Italy, Matteo Salnini further increased the suspicions surrounding the mini-BOT which is an upcoming national currency that some analysts say will cause an uproar in the European Union.

On Tuesday, after months of rumours and speculations floating around about Facebook’s intention to “build a financial ecosystem that can plugin and empower billions of people” was officially announced.

Libra Has Been Launched

The social media giant announced the launching of Libra, a stablecoin created in order to control the fluctuations of cryptocurrencies and then apply it in day-to-day commerce and while building it, Facebook formed a partnership with several top payments and technology firms like Coinbase, Visa, and Uber.

During its development, Facebook partnered with some of the biggest names in payments and technology, such as Visa, Uber,  Mastercard and Coinbase.


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