Imagine Facebook's Virtual Currency Libra

The currency may not be long on paper. In the meantime, China is conducting business transactions with social media site Weibo. 

Before that, millions of dollars have been earned by investing in bit coins and trusted people online from different countries of the world. This time, Facebook's cryptocurrency or virtual currency is coming, with every event going on. France says it will block Facebook's cryptocurrency Libra development in Europe. 

The French finance minister has said that no plan for Libra can proceed unless the consumer risk and the government's financial sovereignty are resolved. Speaking at a conference on virtual currency in Paris recently, he said, "I want to make it very clear that in this situation we cannot allow the development of Libra on European soil.

In June next year, Facebook plans to bring virtual currency to Libra. However, some experts issued immediate warnings that it could slow the pace of business from the government and their central banks, and warned that the government and banks' control over the economy could be shifted. In addition, the Cambridge Analytica data scandal is the most criticized Facebook. Because they could not confirm that the customer was missing data. As a result, such things as cryptocurrency can not prevent Facebook from losing its data. Earlier, Facebook announced the launch of Libra in the first half of 2021.
For this, however, the company said in June that at least 20 companies, such as PayPal, Visa, MasterCard, eBay, Spotify, agreed to this digital currency transaction. The Libra Association has been formed in collaboration with 25 companies for the maintenance of Libra. They will work to ensure that Libra prices do not fluctuate abnormally. In addition, the Switzerland-based nonprofit will work to allocate funds on various social issues.

Members of the Libra Association are: PayPal, eBay, Spotify, Uber, Lyft, Visa and MasterCard. However, after such a statement from France, social media in Europe became a major obstacle to the organization's virtual currency.