France Took One Look at Facebook’s Cryptocurrency and Said ‘Hell Non’

Motherboard | Sep 13, 2019 at 11:10 AM
  • Facebook’s plan to revolutionize the global economy with its version of bitcoin hit another snag this week when the French Finance Minister said the country would block the Libra cryptocurrency if it launches as planned in 2020.
  • In a bid to avoid the wild valuation swings typical of other cryptocurrencies like bitcoin, Libra will be backed by a basket of fiat currencies like the U.S. dollar.
  • From the very beginning, regulators and lawmakers from Washington to Beijing criticized the project, voicing concerns about how it would be regulated.