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In response, Libra reiterated its earlier position that it "welcomes[s] this commitment "with politicians and regulators, and what it" deliberately "establishes a long launch schedule to discuss issues and modify plans based on comments.
The conversation may not run like Facebook and the Libra team hope. Coeuré in particular warned that Libra had to cross a "very high" bar, and EU finance ministers feared that crypto-currencies like Libra could destabilize finances and undermine the economy. authority of government banks. France and Germany both argued that Libya should be blocked in the EU because it would undermine the "monetary sovereignty" of governments.
Facebook has introduced Libra as a way to democratize money, offering banking services to many new users and creating a format independent of any country. However, it is this last part that worries officials and critics alike. While Libra is a "stable currency" that should be tied to the value of the conventional currency, it could give Facebook and the Libra Association a huge amount of weight if it took off. He may not have much more choice than to make concessions if he wants money to be widely available, and even that is not guaranteed.
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