The discussion on Libra continues: the positions of France, Italy and the IMF

The discussion on Libra continues: the positions of France, Italy and the IMF - Giovanni Tria

Pound it is destined to represent a considerable topic of discussion also over the next few months. The coming advent of Facebook's stablecoin, in fact, is causing many fears among a large number of political and monetary institutions, especially after the significant ambitions revealed by the Whitepaper of the cryptocurrency of Menlo Park. Moreover, it is Mark Zuckerberg himself who confirms how Libra aims to reach over 1,7 billion people from all over the globe in this unbanked moment, or unable to use normal financial instruments such as a current account.
In the last few hours, other voices have been added to the many opinions expressed previously, which have made known their perplexity in relation to what is happening. Let's see in more detail.    

France and Italy for once on the same barricade

Over the past few months, Italy and France have often found themselves dueling, especially on the issue of migrants. With regard to Libra, however, the two countries seem to have finally managed to find one convergence in the strong opposition to the virtual Facebook uniform.
The first to show considerable perplexity, if not open opposition, was the Minister of Finance of Paris, Bruno Le Maire, according to which Libra cannot aspire to become a sovereign currency. To then add that before giving her the long-awaited pass, it is necessary to carefully consider all the risks that are related to the possibility that it may turn into one criminal economy tool. The reference is precisely to that money laundering and to the financing of international terrorism which had also been evoked by the financier Davide Serra also regarding Bitcoin.
The Minister of Economy and Finance of the Italian government then came to support Le Maire. Giovanni Tria, who also assured that precisely in consideration of the delicate issues that have arisen since the advent of Libra, it will be necessary to put in place an action capable of wiping out the clouds. Positions that have been expressed in the margins of G7 financial underway in Chantilly and that therefore should be taken very seriously by Menlo Park.

The IMF alarm

Finally it is necessary to record the position taken by the International Monetary Fund by the mouth of its chief economist Gopinath tour, during an interview with the news agency Reuters. Among the statements made, the emphasis placed on the need to take all appropriate regulatory measures which can help deflate the great concerns raised by Libra. In particular, the American economist of Indian origin, the first woman ever to hold the position of chief economist in the IMF, urged lawmakers to intervene in time, or before the new Facebook cryptocurrency makes its debut, thus eliminating the ground for any problems that could then turn out to be very serious. Among them he mentioned the possible implications on data privacy, consumer protection and "backdoor dollarization", aspects that should be carefully evaluated, before kicking off Libra.