Le Maire said there are systemic financial risks, risks for sovereignty, and the potential for abuse of market dominance associated with Facebook’s cryptocurrency: In August, the EU commission reportedly launched a competition probe against Libra. The regulators were concerned about Libra creating “possible competition restrictions” on the consumer data that will be exchanged. In July, Yves Mersch, Luxembourgian lawyer and the European Central Bank’s executive board member, called Libra a “quasi-cryptocurrency’” He said that Facebook’s aim for the cryptocurrency is centralized governance, centralized issuance, and centralized control – which goes against the very concept of a decentralized coin.
