Libra: the G7 says no

Libra: the G7 says no

The last meeting of the countries that make up the G7 was the scenario of a particularly severe decision regarding the project Libra, the virtual currency of Facebook, and of Calibra, the cryptowallet associated with it. Indeed, the common intention would seem to be to act as soon as possible to prevent Menlo Park from continuing with this initiative.

At the base of this position there would be several elements, starting from the few details that Mark Zuckerberg and partners would provide about the operation of the project. Secondly, none of the managers of the Libra Association, which includes as many as 27 companies in addition to Facebook, it would still have clarified what the actual role of this organization is.

In this regard, it is worth remembering that the Libra Association's headquarters was established in Switzerland, near Zurich, but today it has not yet entered into operation and the suspicion of the G7 members is that the allocation was only formally established, while the entire management of Libra would continue to be controlled by Menlo Park.

Present at the meeting, Finance Minister Giovanni Tria would have stressed that there will be no lack of control and intervention by the G7, words that would seem to highlight the absence of a common strategy already defined. Beyond the declarations, how will the control and intervention activities be implemented in advance?

The greatest concern of the most important economies of the world can be summed up in the reference that Libra could become a sovereign currency, backed by a base composed of billions of consumers (as many as there are visitors to the Facebook network) it could revolutionize the world currency structures even before that the institutions can regulate their use.

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