After the shockwaves from Libra’s announcements began to fade, analysts and politicians have begun to see the potential risks. Libra itself may not pose a great financial risk, but the big tech companies are beginning to do so.
Bruno Le Maire, the French Minister of Finance, stated that it’s completely unacceptable for private companies to issue their own currencies without any form of democratic control. He believes that G7 should never allow private companies such power.
The talks held in France, had many governors and ministers agree about the financial risk that these new projects pose. At the moment, there are countless new products like Libra in their developing stages.
Many of these projects pose a significant financial risk and raise a loud and clear regulatory and systemic alarm.
The financial risk is more likely a risk of competition
A lot of experts have ironically stated that governments and central banks are using lobbying to stop the emergence of competition. Big tech companies are slowly beginning to set roots in areas like the issue of currency, which traditionally belong to governments and central banks.
In Libra’s case, the project is a move to expand the company’s reach well beyond its monopolized social network presence. By using the incredibly large exposure of clients, Facebook is attempting to move into e-commerce and global payments.
G7’s concerns lie with the fact that the company’s new product might weaken their own control over current monetary and banking policies. Additionally, many experts have spoken about the potential security risks that Libra and other projects like it will pose in the near future.
Data protection, cyber resilience, anti-money laundering, fair competition and even tax compliance are all issues which many experts discussed. The general consensus seems to be that the biggest financial risk is not posed by Libra and projects like itself, rather than the big tech companies behind it.
G7 unanimously agreed that big tech companies like Google, Amazon and Facebook should be taxed in countries which create profit for them, despite not being physically present.
European countries like Spain, France and Italy have already begun to introduce their own taxes on digital companies. Washington politicians saw that as a direct attack to United States companies. A probe was launched and there’s a real possibility that the United States can impose tariffs on French goods.
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