Facebook has literally shaken the perception of what cryptocurrencies can do. One of the largest companies in the world by user base and market cap, Facebook is creating its very own cryptocurrency called Libra – a project set to disrupt the way we use and perceive digital coins.
Because of the massive impact that Libra may have on a large number of the population and the power that Facebook will gain, France is now ready to launch a special G7 cryptocurrency task force to investigate project Libra and its consequences.
The goal is to see how central banks can eventually regulate such a project, with the major concern that Libra can be used for illegal activities and money laundering if not regulated in the proper way.
The rumour has it that Libra is to become a “global cryptocurrency”. Such adjective as “global” is raising certain concerns among G7 countries.
As BTC Manager reported, On June 21, France’s central bank’s Governor, Francois Villeroy de Galhau commented that the task force will essentially be spearheaded by Benoit Coeure who is a board member at the European Central Bank. France is currently holding the presidency of the G7 countries.
The problem with Libra being a global cryptocurrency is the fact that there are so many opposing jurisdictions and laws regarding digital coins. Even if Facebook has the ambitious plan of “uniting” its user base by implementing Libra, the hard task will be making nations trust the entire project and its impact on the world.