The EU authorities urged to control the Facebook cryptocurrency initiative The cryptocurrency project of the social network Facebook faced opposition from the authorities on the day of its announcement.

EU authorities urged to monitor Facebook's cryptocurrency initiative

The cryptocurrency project of the social network Facebook faced opposition from the authorities on the day of its announcement.

French Economy and Finance Minister Bruno Le Maire says Libra cannot be seen as a replacement national currencies. "There is no question of gaining sovereign status by it," he quotes his words Bloomberg. "This cannot and should not happen.".

Le Maire addressed the leaders central banks the G7 countries to prepare a report on the Facebook project by the time of their meeting in July.

German Member of the European Parliament Markus Ferber said cryptocurrency could turn Facebook into a "shadow bank" and warned regulators to remain vigilant.

“Multinational corporations like Facebook should not be allowed to operate in a regulatory nirvana when they launch their own virtual currencies,” Ferber said..

Facebook announced the creation of a "financial ecosystem that can embrace and empower billions," this tuesday. Some believe that the cryptocurrency project of the social network can have a significant impact on the global financial system..

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