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Facebook Put in the Groundwork with UK for Libra Before Launch

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September 19, 2019 | 

Darryn Pollock |  0 Comments| 

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As Facebook encounters resistance across Europe for the launch of its cryptocurrency Libra, it has emerged that it met with regulators in the UK a number of times before announcing the launch of the project. It would appear that it got the all-clear, in principal from the UK, but it now faces huge resistance from Germany and France.

The two mainland nations have put up tangible blockades for the growth and expansion of the project in Europe. This follows ongoing resistance in the US where the senate is looking for major guarantees from the social media giant. More so, there is also push back from China and India. 

However, back on the European continent, the project is getting some greenlight from Switzerland, where the Libra Association is strategically registered. Switzerland has always been known as a progressive and inviting country for cryptocurrencies, and the association is looking to meet its friendly regulatory requirements. 

Libra is seeking a payment system license under Switzerland’s Financial Market Supervisory Authority (FINMA) with the regulator saying that it is open to international cooperation and oversight of the way in which it regulates the planned cryptocurrency network. 

It appears as if Libra, being a global financial system that is aiming to traverse the world and all its different approaches to cryptocurrencies will face varying degrees of resistance. This could stunt the potential of the coin, or perhaps blunt it’s launch all together. 

Big In the UK

It has emerged that Facebook met British finance ministry, central bank and regulatory officials in the weeks before making public its plans for the Libra digital currency in what appears to be a big push to ensure that the UK would be amenable to the project.

Yet, even with this, the head of the Bank of England is among those who have warned that Libra could pose risks to the financial system and should therefore face high regulatory hurdles - however he has not shut the door like others. 

The UK however is in the midst of its own breakup with Europe with Brexit due to take place at the end of October. This breaking away from Europe could also explain the different approach to leaders on the continent. 

Blocked in France and Germany.

This past week has seen the doors shut in both France and Germany for Libra with the former finance minister stating they would block the development of the project and the latter putting together a strategy to control the growth of stable coins. 

Germany’s action against Libra has the veil of stablecoin regulation, but it is clearly aimed at blockchain the growth of Libra. 

“We want to be at the forefront and further strengthen Germany as a leading technology location,” Finance Minister Olaf Scholz said, going on to praise blockchain technology and calling it part of the future Internet.

However, Scholz added: “At the same time, we must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies,” in a thinly veiled stab at Facebook.
 

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