Facebook recently announced a consortium for a digital currency called Libra. The Technology giant is not the only one on board, they are in partnership with other technology firms in the tech space such as eBay, Lyft, Uber and others in the fin-tech sector such as Visa, Stripe, Paypal and Mercado Pago.
Facebook is now on a journey to change the way payments are transmitted and received worldwide with Libra but it’s not going to be an easy ride as EU regulators have given it its first hard knock.
The French Finance Minister, Bruno Le Maire reportedly said it was out of the question and that It can’t and must not happen on Europe 1 Radio.
In addition, The Group of Seven (G-7) is contemplating setting up a forum to access the risks of digital currencies.
Facebook remains positive despite the regulators’ anxiety and is looking forward to responding to policymakers’ questions.
