The French Finance Ministry has called Facebook’s Libra digital currency too risky to be authorized for development in Europe, citing serious concerns about the social network's cryto endeavour.
Cryptocurrency analyst Ben Swann joins Boom Bust to explain France’s heat on Libra.
He notes that the ministry has specifically opposed Libra and no other digital currencies. Despite all the challenges, the project will be ultimately launched in Europe, Swann says. “The reason for that is the backing of the corporations, the Fortune 500 companies that are really powering Libra,” he explains.
It’s a smart move that Libra is not solely a Facebook project, according to the analyst. The real question here is who actually runs the world, says Swann.
“Is it these governments that will have the ability to keep Libra out or will these Fortune 500 companies ultimately say ‘We are the ones that actually run the world, we are the ones who run these countries, we will be the ones to push this project forward.’”
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