French Billionaire: Libra is unstoppable

Xavier Niel, the founder and majority shareholder of the French internet service provider Iliad, believes that Facebook’s Libra is unstoppable. Niel feels that the coin will exist along with the thousands of other assets in the crypto market. Speaking to Les Echos, Neil said:

“Libra will exist along with the 1,600 other virtual currencies already available in France. It is inevitable, with or without us, [whether] the states want it or not. To fear [Libra] will not prevent her from arriving. The priority is therefore to accompany the change, make it possible and accessible. We must anticipate, so as not to find ourselves dependent and weakened. Technological progress can coincide with societal progress and that of humanity.

France must be at the heart of this revolution. To deny it or to close the door would not be profitable to anyone. Even if the concerns are legitimate, we must provide answers, without trying to prohibit, without even measuring the benefits for all…

There is an aspiration in the world for more freedom, autonomy and less dependence on states.”

The country’s government does not share Niel’s enthusiasm. The Finance Minister Bruno Le Maire feels that Libra is a hugely worrying initiative. Le Maire had stated:

“So I want to say this with a lot of clarity: I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil.”