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Home Cryptocurrency news

France Blocking Facebook Libra in EU Shows True Power of Bitcoin

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
france bitcoin facebook libra crypto
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Governments and policymakers have been in an uproar ever since Facebook debuted their Libra cryptocurrency to the world, prompting the first signs of stricter regulation around crypto and Bitcoin looming.

Among the list of concerned governments is France, whose Finance Minister just revealed that it would work to prevent the “development of Libra on European soil.” The opposition will likely be a challenge for Facebook’s future crypto plans, however, the situation underscores the importance of decentralization and the value it brings to Bitcoin.

France Views Facebook’s Libra Crypto as a Threat

While speaking at an OECD conference focused on crypto in Paris today, French Finance Minister Bruno Le Maire expressed “serious” concerns over Facebook Libra – a fiat-backed stablecoin the social media platform seeks to launch with the support of other major corporations – and revealed that his country would seek to block Facebook Libra from ever seeing the light of day in Europe.

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“I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said.

Le Maire is opposed to Facebook Libra due to viewing it as a threat to “monetary sovereignty.” Many others like the Finance Minister have taken a similar viewpoint and stance against the social media company’s foray into the world of digital assets.

Policymakers in France, United Kingdom, United States, and others have all spoken out about the dangerous line Facebook is towing by trying to launch a currency that challenges well-established fiat currencies like the pound sterling or dollar – and therefore the very governments that back those fiat currencies.

Related Reading | CNBC Analyst Slams Facebook Libra, Champions Bitcoin

The fact that countries like France and others have the ability at all to potentially block Facebook Libra shows the true power – and value – of Bitcoin.

The Power of Decentralization: Bitcoin Cannot Be Blocked By Governments

Unlike Facebook Libra, which is designed by the social media giant and controlled by a Zuckerberg-built consortium, Bitcoin is decentralized and operates without the need for a third-party.

BREAKING: France plans to block Facebook’s Libra cryptocurrency in the EU, as it's a threat to “monetary sovereignty.”

This shows the value of permissionless networks.

— Rhythm (@Rhythmtrader) September 12, 2019

Because it is decentralized it is also permissionless, and as one United States House Representative says “there’s no capacity to kill Bitcoin,” even if governments like the US or France view it as a threat. Regulators could ban citizens from holding, buying, or selling the crypto asset, but aside from imposing such strict rules on investors, there’s little even the most powerful of governments can do to stop Bitcoin.

Related Reading | US Congressman: You Can’t Kill Bitcoin, Libra And Others Trying to Mimic 

Many argue that because Bitcoin isn’t backed by assets like gold or fiat currencies, it doesn’t have any inherent value. However, its value lies in the freedom it provides by being something governments, big banks, nor anyone can control.

Featured image by Shutterstock
Tags: bitcoincryptofacebookfrancelibra
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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