Facebook just stepped into the cryptocurrency race by announcing its own digital currency called Libra. Running on the blockchain, the new cryptocurrency is slated to formally launch in 2020. The social media giant also announced a new digital wallet called Calibra, which will enable users to save, spend, and send Libra. While the company is obviously touting positive benefits of opting for the new digital currency, the project is being met with harsh criticism from European officials.
As per a Bloomberg report, in an interview on Europe 1 radio, the French Finance Minister Bruno Le Maire expressed his apprehension towards Facebook’s cryptocurrency. He said it can’t be seen as a replacement for traditional currency and must not “become a sovereign currency.”