Drudge Retort: The Other Side of the News
Saturday, September 14, 2019

France and Germany jointly rejected Facebook's planned introduction of the Libra cryptocurrency on Friday, calling it a threat to a stable EU economy.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

France and Germany jointly rejected Facebook's planned introduction of the Libra cryptocurrency on Friday, calling it a threat to a stable EU economy.

The virtual currency could undercut "the monetary sovereignty" of states in the bloc as well as posing risks to consumers and undermining financial stability within Europe, said French Finance Minister Bruno le Maire and his German counterpart Olaf Scholz.

The two ministers issued the criticisms in a joint statement at a meeting of Eurozone finance ministers in Helsinki. It came in response to Facebook unveiling its plan for users to be able to make payments through the platform.

Despite these recent pledges, official plans from governments could come too late. Apps and dark web currencies have already begun to define the shape of virtual currencies.

In China, users of Social Media app WeChat pay for goods and transfer money by scanning QR codes using money stored in a virtual bank account in the app.

such as Bitcoin have also been widely used as payment on the dark web for over a decade.

Comparatively, attempts to launch such a currency in Europe by the European Central Bank have been slow to take off despite several plans being in the pipeline for years.

#1 | Posted by J_Tremain at 2019-09-14 03:23 AM | Reply

Crypto currencies are the future. Banks and countries just dont want to lose the control they have.

#2 | Posted by boaz at 2019-09-14 09:03 AM | Reply | Newsworthy 1

"Crypto currencies are the future. Banks and countries just dont want to lose the control they have."

Unlike us letting Facebook control our money. Sorry, I'll stick with dollars. I applaud Germany and France, other nations should follow suit. We should wipe out all these currencies, like bit coin, the whole business of holding companies, cities, businesses hostage for ransom would collapse without bitcoin. Untraceable money should be stamped out.

#3 | Posted by danni at 2019-09-14 04:33 PM | Reply

It's not the dollars you're sticking with, Danni.
It's the global banking elites.
This is not to say the new global cryptocurrency banking elites will be any better!

Money as a stateless agent is an existential threat to any state which relies on money, e.g. taxation, which is all of them. France and Germany are just being clear about it.

#4 | Posted by snoofy at 2019-09-14 04:40 PM | Reply

Why should I/we trust facebook with our money?

#5 | Posted by visiter at 2019-09-15 10:01 AM | Reply

Why would the reject it? Its not different than a debt card?

In China, users of Social Media app WeChat pay for goods and transfer money by scanning QR codes using money stored in a virtual bank account in the app.

This is an incredible trend .... we see nothing like it here in the US.

#6 | Posted by AndreaMackris at 2019-09-15 10:10 AM | Reply

Money as a stateless agent is an existential threat to any state which relies on money, e.g. taxation, which is all of them.

Ridiculous, its not about taxation, its about spending and printing more .....

#7 | Posted by AndreaMackris at 2019-09-15 10:13 AM | Reply

This is an incredible trend ....

Indeed it is.

I use two such services all the time:

play.google.com

play.google.com

It's more convenient, safer and faster than paying cash.

we see nothing like it here in the US.

Sucks for you, luv.

#8 | Posted by J_Tremain at 2019-09-15 10:50 AM | Reply

lh3.googleusercontent.com

lh3.googleusercontent.com

#9 | Posted by J_Tremain at 2019-09-15 10:57 AM | Reply

--We should wipe out all these currencies, like bit coin,

And smash Uber too. Is there anything you don't want to ban?

#10 | Posted by nullifidian at 2019-09-15 11:07 AM | Reply

60 Minutes recently reported about hospitals, cities, towns, businesses having their data incrypted and losing access to it until a ransom in bitcoin is paid. Maybe that's ok in your mind Nulli, wait til it happens to you and it does happen to individuals. Untraceable currencies should be shut down by governments for the protection of us all.

"And smash Uber too. Is there anything you don't want to ban?"

You don't know anything about Uber do you? It's wiping out our registered taxi fleets and just how are we benefiting from it? Pretty much the only people getting rich from Uber are the owners of Uber, the drivers make a few bucks, have no benefits and owe taxes at the end of the year lots of them can't even pay.

#11 | Posted by danni at 2019-09-15 12:21 PM | Reply

Would you trust mark cuckerberg with your money? Your crypto? Do you trust him with your data? If so, you are a dumbfug. www.esquire.com

#12 | Posted by berserkone at 2019-09-16 01:38 AM | Reply

I trust banks and credit card companies with my money because the convenience is worth the risk.

I don't trust Bitcoin because it is controlled by China and there is no fraud protection.

All currencies and storage have risk.

#13 | Posted by bored at 2019-09-16 02:07 AM | Reply | Newsworthy 1

>trusting the bank of international settlements and their funny money
wew lad

#14 | Posted by berserkone at 2019-09-16 02:33 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2019 World Readable

Drudge Retort