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 BreakingtheNews.net, 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.