Tech & Science: France fears Facebook's digital currency will bring 'considerable disruption' - PressFrom - United Kingdom
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Tech & ScienceFrance fears Facebook's digital currency will bring 'considerable disruption'

18:50  12 september  2019
18:50  12 september  2019 Source:   news.sky.com

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France says it will block development of Facebook ' s Libra digital currency in Europe because it threatens the "monetary sovereignty" of governments. Any breakdown in the functioning of this currency , in the management of its reserves, could create considerable financial disruption ," said

FRANCE has come out guns blazing against Facebook ' s sinister foray into cryptocash. One of the country's top ministers has promised to ban Facebook ' s virtual currency Libra in Europe ahead of Libra, unveiled in June, will allow people to move money from their smartphone into a digital "wallet".

France fears Facebook's digital currency will bring 'considerable disruption' © Getty Facebook plans to launch Libra by mid-2020 Facebook has been warned that it will not be allowed to launch its planned digital currency in Europe so long as concerns remain that it could destabilise the global financial market.

The social media giant announced plans for its own cryptocurrency - Libra - earlier this summer, and said it would be used alongside a smartphone-based wallet app called Calibra before the middle of 2020.

French finance minister Bruno Le Maire has said the cryptocurrency will be barred from operating in Europe until worries about sovereignty, financial risks and potential market dominance are quelled.

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Facebook . Twitter. Search jobs. Digital Archive. Fears that Britain could slip into recession – two consecutive quarters of falling gross domestic product – had been stoked The decision by the motor industry to bring forward its annual maintenance shutdown from August to April also contributed to

Lagarde said late last month that digital currencies , like bitcoin and ethereum, might be added to SDR to make it more attractive as an international reserve currency and to boost its use. Lagarde further said at a Bank of England speech that individuals and businesses might prefer digital currencies

Read more: Facebook offers more than £8,000 to anyone who can hack new cryptocurrency (The Independent)

Speaking at a meeting of the Organisation for Economic Co-operation and Development in Paris, he said consumers and companies alike would be put at risk.

Mr Le Maire added: "This eventual privatisation of money contains risks of abuse of dominant position, risks to sovereignty, and risks for consumers and for companies.

"Libra represents a systemic risk from the moment when you have two billion users. Any breakdown in the functioning of this currency, in the management of its reserves, could create considerable financial disruption."

France fears Facebook's digital currency will bring 'considerable disruption' © Other Libra will arrive as part of a smartphone-based wallet app called Calibra

Mr Le Maire did not spell out how France would be able to prevent Libra being rolled out in other European countries, including members of the European Union.

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Central banks should issue their own digital currencies to replace a crisis-prone banking system and shut out cryptocurrencies. The US president said he’s not a fan of Facebook ’ s Libra, and demands digital coin companies seek a banking charter.

Create an account or log in to Facebook . Connect with friends, family and other people you know. Share photos and videos, send messages and get updates. Facebook . Email or Phone. Password.

Nations aside from France have already cast doubt on Libra, with Switzerland having said earlier this week that the proposed payment system should face strict rules typically reserved for banks.

Bank of England Governor Mark Carney was among those who suggested Libra would face strict regulation, and the UK data watchdog has also raised privacy fears over how customer details would be protected.

Watch: What is Libra? (The Independent)

Facebook has attempted to downplay the initial ambition of Libra, saying that at launch it will only allow payments between users via smartphones or other devices.

However, the currency will be open source - meaning it can be included in other and existing digital wallets.

UK data watchdog raises concern over Facebook’s Libra digital currency

UK data watchdog raises concern over Facebook’s Libra digital currency The Information Commissioner’s Office has signed a joint statement with other data protection authorities calling for more details.

Find us on Facebook . City & Business News. Cryptocurrency booms in Lithuania: Europe banks fear crypto DISRUPTION to financial system. Despite the volatile nature of digital currency values, the global market is worth 5 billion, and Lithuania is excelling in issuing new digital currencies , or

Lagarde said late last month that digital currencies , like bitcoin and ethereum, might be added to SDR to make it more attractive as an international reserve currency and to boost its use. Lagarde further said at a Bank of England speech that individuals and businesses might prefer digital currencies

UK Information Commissioner Elizabeth Denham has warned that Libra "must work in tandem with people's privacy expectations and rights", with Facebook having suffered major damage to its reputation since the Cambridge Analytica data scandal emerged last year.

Slideshow: Twenty-four things to know before investing in cryptocurrencies (Fool)

There was global outrage when it emerged the political consultancy firm had harvested the data of millions of Facebook profiles without consent - and used it for political advertising.

Facebook said 87 million users were affected and it was hit with a £500,000 fine in the UK for "serious breaches of data protection law" by failing to safeguard the personal information of its users.

Slideshow: How Facebook changed our lives (StarsInsider)

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China says new digital currency will be similar to Facebook's Libra.
China says new digital currency will be similar to Facebook's Libra

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