Controversies of opinions regarding Facebook’s new stablecoin Libra continue to arrives. One of the latest speaking out about the issue comes from Bank of France’s governor, Francois Villeroy de Galhau, who believes that a banking license will be needed by the new cryptocurrency.
Speaking in a recent interview with local magazine, I’Obs, Villeroy said that should FB’s plan is to go more than providing more than normal payments and embarking on offering deposits, getting banking license is needed. Moreover, the executive also added that having that kind of regulation is important in handling any anonymity that the coin’s users can have.
Explaining further, to provide that additional service similar to bank means that having the right regulation is a must. Not having any license to provide such financial services would make Libra as an illegal instrument.
Not only having to get the banking license in one country, but Facebook must obtain it from all nations that they’re planning to operate at. This situation certainly will force the social media giant to work much harder in getting their cryptocurrency project going smoothly.
Although there’s been pros and cons, the initial assessment that regulators from many countries are open to Facebook’s idea but need more insurances. There’s still several licensing related situation that need some solving before Libra become a digital currency or payment service for every users all around the world.