Crypto News

France To Block Libra But FINMA Eager For Regulation

France to block libra cryptocurrency

Fresh reports have revealed that France wants to block Facebook’s Libra cryptocurrency in Europe. Meanwhile, financial regulators in Switzerland say they are open to international cooperation in the creation of a regulatory framework for the proposed cryptocurrency project.

Libra Shall Not Pass

London-based City A.M. has released a report purportedly from AFP that regulators in France are keen to block the Libra cryptocurrency project.

Unconfirmed reports say Bruno Le Maire, France’s Finance Minister is of the opinion that Libra will adversely affect the economic sovereignty of countries in the European Union (EU).

According to, Le Maire says it is “out of the question” that the EU will allow Libra to operate as sovereign currency in Europe.

FINMA Ready to Work with International Regulators

According to Reuters, Switzerland’s Financial Market Supervisory Authority (FINMA) is looking forward to engaging with international regulators regarding the Libra cryptocurrency.

Speaking to local Swiss media platform Neue Zuercher Zeitung, Mark Branson, the FINMA chief stated:

A project of such a global dimension can be addressed only via international coordination and consultation with other supervisors and regulators. It is illusory to believe a single country can regulate and oversee a project like Libra on its own. The supervision of (big Swiss banks) UBS (UBSG.S) or Credit Suisse (CSGN.S) also does not take place in complete isolation.

As previously reported by Bitcoinist, Libra has made moves to obtain a payments license from FINMA as it prepares for its launch.

For Branson, the goal is to apply global standard regulations to the Libra project with a focus on anti-money laundering (AML) compliance.

Libra Not Getting a Free Pass in Switzerland

The FINMA chief also dismissed suggestions that the Libra Association chose to operate out of Switzerland to enjoy less stringent regulations.

According to Branson, FINMA did not have any contact with Libra before the decision to base the project in Switzerland was made.

Switzerland has become a hub for fintech and blockchain businesses in recent years, further expanding the nation’s place in the global financial market.

To this end, Branson says FINMA will adopt strict financial monitoring and regulatory policies.

Facebook’s Cryptocurrency Project Threatens Monetary Policies

Branson’s comments come at a time when regulatory bodies in different jurisdictions continue to sound alarms over the Libra project.

The primary argument appears to be that Facebook’s crypto plans pose serious risks to the current monetary policy framework operating in various countries.

Since the release of the white paper, governments and financial watchdogs alike have been almost unanimous in their criticism of the project.

As reported by Bitcoinist, China’s central bank is accelerating its efforts to launch a digital currency before the Libra project goes live.

Reports coming out of Beijing say Chinese authorities view Libra as a threat to the country’s capital control efforts.

Even the Swiss National Bank (SNB) has taken a similar stance, warning that cryptos like Libra will dilute monetary policies in countries across the globe.

Do you think Facebook’s crypto Libra will be able to scale these international regulatory hurdles? Let us know in the comments below.

Images via Bitcoinist Image Library

The post France To Block Libra But FINMA Eager For Regulation appeared first on

Related Crypto News

Ripple’s XRP Scores New Crypto Exchange Listing
With Ripple’s XRP posting significant gains today, things could be looking up. XRP just scored a new listing on...
Bitcoin Indicator That Led Price to $3.8K Turns Bullish; Is $10K Next
Bitcoin could move higher in the medium-term as one of its key technical indicators turns bullish for the first...
Bitcoin Google Searches Fall to Pre-March Levels
The number of Google searches for Bitcoin has decline close to pre-March levels, suggesting that the interest in the...
Ethereum Price Analysis for April, 7th – ETH Aiming High
On Tuesday, April 7th, the ETH price is growing confidently, trading at 172.20 USD, says Dmitriy Gurkovskiy, author at RoboForex...
Bitcoin Commands Mainstream Attention as it Soars Past $7K
In times of economic turmoil and global uncertainty, mainstream media in the UK is turning its attention back to...
Riot Crypto Mining Firm to Cough Up $728K For Disgruntled Investor
It looks as if Riot Blockchain Inc. will be found in breach of the contract it has with investor...

Featured Crypto News

Here’s Why Bitcoin Could Correct To $6.5K Before A Fresh Rally
Bitcoin surged above the $7,000 resistance and reached the $7,200 bullish target against the US Dollar. BTC price is...
Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet
Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported...
Veteran Trader: Bitcoin to Target $8,400 After Posting “Big Time Bull Break”
In a jarring early-morning movement, Bitcoin blew past the resistance it was previously facing within the upper-$6,000 region, with...
Tezos Cryptocurrency May Rally to New Highs, According to Key Bullish Factors
Few cryptocurrency assets have had as strong a showing in early 2020 as Tezos. But just as most assets...
Tiger King’s Archnemesis Big Cat Rescue Accepts Bitcoin
The number one show on Netflix in the U.S. right now is a television series called “Tiger King: Murder,...
Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Strong Rally
Bitcoin is slowly rising and trading above the $6,750 level against the US Dollar. BTC price must claim the...