French Finance Minister asks Facebook to provide "some guarantees" about Libra issues

On June 18th, just the same day that Facebook posted its highly regarded stable currency white paper, French Finance Minister Bruno Le Maire said that Facebook's cryptocurrency does not have the ability to become a sovereign currency. Governments have the right to "request some guarantees from Facebook", which will make it clear that Libra will not become a competitor to the existing sovereign currency. Stabilizing coins should not be “transferred to the financing of terrorism or any other illegal activity”. Maire also urged central banks in G7 countries to help understand the scope of Libra's cryptocurrency. Bruno Le Maire is concerned that Facebook will be able to collect large amounts of user data because encryption will persist and all user accounts will need to be KYC-certified. In an interview with the French news site Europel1, Maire continued: "We must ensure that consumers are not at risk and that protecting consumers is our country's responsibility."