This archive report was first published on 20 October 2019.
Published on October 20, 2019, Facebook's Libra project has been at the center of a heated debate over its potential impact on global currencies and financial systems.
Addressing concerns raised by France's Economy Minister Bruno Le Maire, David Marcus, the head of Facebook's Libra currency project, emphasized that the Libra network should not be controlled by a single company.
"It has been very clear to us from the very beginning that a payment network such as the Libra network shouldn't be controlled by one company," Marcus said.
He reiterated Facebook's commitment to working with regulators to address their concerns and welcomed competition to benefit local access and strive for the lowest cost possible for consumers.
However, Marcus cautioned that the status quo is no longer an option, highlighting the need for a new approach to address the challenges posed by digital currencies.
Central banks and government finance officials have long worried about the potential risks associated with digital currencies, including money laundering and financing terrorism.
Libra is different from other digital currencies like Bitcoin as it would be a stablecoin tied to national currencies, reducing the risk of volatility.
Despite these efforts, European governments, including France, have expressed concerns over the potential for a private company to have the same monetary power as sovereign states.
