DAVID MARCUS. David Marcus, Head of Calibra at Facebook, testifies about Facebook's proposed digital currency called Libra, during a Senate Banking, House and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, July 16, 2019. Photo by Saul Loeb/AFP
The head of Facebook's Libra currency project sought to address the main issue raised by France's Economy Minister Bruno Le Maire: the potential for a company to have the power to undermine a government's control of its currency. Speaking at a forum, hosted by the Group of 30, he repeated the company's commitment to work with regulators to address their concerns.– will"welcome competition to benefit local access and strive for the lowest cost possible for consumers."Central banks and government finance officials have long worried about the challenges posed by digital currencies, and the risk they can be used for money laundering and financing terrorism.
But Le Maire told reporters on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Washington last week that European governments"will not allow a private company to have the same power, the same monetary power as sovereign states," and will take steps to block Libra from Europe.
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