- Published on September 14, 2019
- In AI Features
Why Does France Think That Facebook’s Libra Project Is A Big Threat?
- By Vishal Chawla
France has assumed a dominant role in regulating large tech corporations companies in Europe, mandating a 3% digital tax on US firms like Facebook, Amazon and Google. Now, the country has announced that it would block the launch of Facebook’s Libra digital currency as may threaten Europe’s sovereignty. Finance Minister Bruno Le Maire said Libra has a potential of risks and has room to be abused. While Maire highlighted the concerns, he did not elaborate on how France would keep Libra out of the 28-member European Union. The announcement brought yet another bad news for Facebook in less than a month after the EU launched an antitrust investigation into the Libra project.
Maire highlighted that Libra will not be decentralised like other digital currencies but instead be controlled by
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Vishal Chawla
Vishal Chawla is a senior tech journalist at Analytics India Magazine and writes about AI, data analytics, cybersecurity, cloud computing, and blockchain. Vishal also hosts AIM's video podcast called Simulated Reality- featuring tech leaders, AI experts, and innovative startups of India.
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