Facebook’s crypto launching in H2 2020, says Libra Association chiefThe head of the not-for-profit driving Facebook’s Libra digital currency has said he is confident that seemingly endless regulatory difficulties can be ironed out — paving the way for the token to launch in the second half of 2020. Bertrand Perez’s comments came on Thursday — the same day French Finance Minister Bruno Le Maire warned “we cannot authorize the development of Libra on European soil.” He fears that the stablecoin puts monetary sovereignty of European Union nations at risk, with American lawmakers equally concerned that Libra could undermine the U.S. dollar. Another bone of contention lies in how the Libra Association is set to be headquartered in Switzerland. This prompted the Swiss Financial Market Supervisory Authority to stress it is open to international cooperation and oversight regarding how it regulates the network.
EU needs own digital “EuroCoin” to compete with Libra, says FranceAssurances from the Libra Association and Swiss regulators seemed to do little to placate Le Maire. By Friday, the minister was urging his European counterparts to consider its own “public digital currency” that could challenge Libra. More detailed discussions on this idea are set to take place next month — but a lack of dog pictures, selfies, memes and relatives falling out over politics may make an EU-led initiative less of a tempting proposition. Speaking in Helsinki, Le Maire also took the opportunity to warn the trading bloc that a fresh approach is needed to regulating cryptocurrencies at an EU level. The finance minister warned limbo over whether they should be treated as securities, payment services or currencies must be resolved through the creation of a robust and common framework.
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