Shortly after calling for a ban on Facebook’s Libra cryptocurrency, French Finance Minister Bruno Le Maire suggested the European Union should create its own digital currency.
France mounts resistance to Facebook’s Libra cryptocurrency
French Finance Minister Bruno Le Maire says his country ‘cannot authorize the development of Libra on European soil’
France’s economy and finance minister has put the first real spoke in the wheels of Facebook’s Libra cryptocurrency project, promising to block its use in the European Union.
EU banks must speed up blockchain investment, warn Lagarde, Bain
The consulting giant and likely European Central Bank president say blockchain FinTech is coming fast
European banks must speed up their investments in blockchain technology in order to recapture their own capital markets from American financial institutions, global consulting firm Bain & Company warned in a report released on September 3. A day later, International Monetary Fund (IMF) chief Christine Lagarde told the European Parliament’s Economic and Monetary Affairs Committee that with bank profits low and FinTech firms gobbling up investments, EU central banks must welcome new technologies—including digital currencies—in order to remain competitive.
England’s central banker touts digital currencies over U.S. dollar
Even Facebook’s Libra might be a good way to end America’s ‘domineering influence’ as the provider of the world’s reserve currency, said Mark Carney
The governor of the Bank of England just touted digital currencies as a possible replacement for the U.S. dollar as the world’s reserve currency. Such a digital asset, whether backed by central banks or even Facebook’s Libra stablecoin, would “dampen the domineering influence of the US dollar on global trade,” Mark Carney said in a speech on August 23 to the 2019 Economic Policy Symposium in Jackson Hole, Wyo.