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Libra has suffered a major setback French minister says Libra w

Date:2024-04-24 19:18:17 Channel:Crypto Read:
The Libra cryptocurrency suffered a major setback recently when the French Minister of Law stated that Libra would not be allowed to develop in Europe. This news triggered widespread attention and discussion in the market. In this article, we will delve into the challenges facing Libra and the impact of the Attorney General’s remarks.
Libra, a new star in the field of cryptocurrency, was originally expected to have high hopes and was regarded as a force that could change the global financial landscape. However, the recent remarks of the French Minister of Justice dealt a heavy blow to this concept. It is reported that the French Minister stated that Libra does not meet France’s regulatory requirements in the field of digital payments and therefore is not allowed to develop in Europe. This decision undoubtedly casts a shadow over the development of Libra and also caused quite a shock to the global cryptocurrency market.
In this era of information explosion, cryptocurrency, as an emerging form of finance, has always attracted much attention. Libra, as a digital currency project launched by Facebook, once attracted much attention. However, the Minister of Justice’s statement this time has caused people to re-examine the prospects of Libra. Against this background, it is necessary to delve deeper into Libra’s setbacks and its impact on the cryptocurrency market.
First, let us review the development history of Libra. As a digital currency project led by Facebook, Libra has attracted much attention since its launch. The technical team behind it is strong and the financial resources are strong, and it was once considered to be a leader in the global digital payment field. However, as regulatory resistance continues to increase, Libra's development path has become increasingly bumpy.
The French Minister of Justice made it clear this time that Libra is not allowed to develop in Europe, which undoubtedly casts a shadow on Libra's promotion plan. Being unable to gain a foothold in Europe's huge market is undoubtedly a heavy blow to Libra. This has also raised concerns and questions about Libra's future development.
Regulation has always been a sensitive topic in this volatile cryptocurrency market. Many countries are cautious about legislation and regulation of cryptocurrencies, hoping to ensure market stability and transparency. The French Minister of Justice’s statement is undoubtedly an important signal for the supervision of the cryptocurrency market. This has also caused people to re-examine the compliance and sustainability of cryptocurrency.
It is worth mentioning that France is not the first country to express its stance on Libra. Previously, many countries and regions have also raised questions and concerns about the development of Libra. This also reflects the challenges and difficulties faced by Libra on a global scale. Under this circumstance, Libra's future development direction will face more uncertainties and challenges.
To sum up, the French Minister of Justice’s statement on Libra has undoubtedly brought new variables to the global cryptocurrency market. As an emerging form of finance, the cryptocurrency market is constantly changing and developing. Libra, as one of them, faces many challenges and difficulties. How to deal with these challenges and embrace changes will be the key to Libra's future development. Let us wait and see what kind of development Libra will usher in in the future.

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French Economy and Finance Minister Bruno Le Maire said they will prevent social media giant Facebook’s cryptocurrency Libra from developing in Europe.

Le
Maire made the comments while attending the opening ceremony of the OECD Virtual Cryptocurrency Conference on Thursday. "We cannot authorize Libra to develop on European soil," he said. Since Facebook announced its Libra plan in June this year, Le
Maire was a staunch opponent of the project, saying at the time that Libra "cannot and will not become a sovereign currency."

Although the Libra Association, the administrator of the Libra project, is headquartered in Switzerland, it is actually difficult for France to prevent the development of Libra. However, France can ban applications that support Libra or prevent users from withdrawing the Libra stablecoin into legal tender.

Since its launch, the Libra project has encountered doubts and challenges from central banks, governments, and legislative and regulatory agencies around the world. But Le
Maire’s clear stance may be one of the biggest blows to Libra.

This week the Swiss Financial Market Supervisory Authority (FINMA) said Libra would be subject to financial market infrastructure supervision and be subject to additional regulatory requirements. The Libra Association is also seeking to obtain a payment system license from FINMA.

The Financial Action Task Force (FATF), the global anti-money laundering regulator, is also paying close attention to every move of Facebook’s planned cryptocurrency Libra. "We want to ensure that all possible major risks are addressed," Liu Xiangmin, the group's new rotating chairman and director-general of the People's Bank of China's Legal Department, told Reuters on Tuesday. He said illegal uses of cryptocurrencies may be spreading rapidly, ranging from money laundering to For drug trafficking, the currently known examples may be just the tip of the iceberg of real illegal applications.

Sigal, Under Secretary of the Treasury for Terrorism and Financial Intelligence, U.S. Department of the Treasury
Mandelker said in Geneva, Switzerland, that not only social media giant Facebook’s cryptocurrency Libra, but other cryptocurrencies operating in the United States or parts of the United States need to comply with regulatory rules designed to prevent financial crimes. “Whether it’s Bitcoin, Ethereum or Libra, our requirements for all these companies are the same: anti-money laundering and combating the financing of terrorism must be built into the design from the beginning.”

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