François Villeroy de Galhau the Governor at the Banque de France, the central bank of France has expressed that Facebook Libra must “respect” the bank’s rules.
Since Facebook has announced stable coin currency project it has been facing criticism from all sides. While recently on the 18th June 2019, bankers all over the world have expressed concerns about social media’s aims. It has been added that, to ensure the stability of the financial system all over the world, like, the traditional banking system. It was unlikely to be able to use Libra in France over the Euro.
The recently-detailed digital currency launched by Facebook will need to be compliant with the present rules — if it is to have the kind of level it wants.
A G7 task force has already been formed on France’s request in order to inquire many questions aroused after the development of Libra.
The central bank Governor further stated that regulators must ask some questions about the social media’s company, to make sure the stability of the financial system of the world.
The purpose of the task force will not only to precise makeup of the basket of currencies backing the to-be-released digital asset but also to the integrity of the companies.
The central banker also had the same view that, without a mandate from the public, the private entity like Facebook cannot be properly held accountable. De Galhau also has doubt whether Libra will ever satisfy all of the popularly-held necessary qualities of money that the world wants.