The reliability of Libra is therefore still far from

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expressed their fears on this subject. Bruno Le Maire, Minister of Economy of the French Government, was able to mention this in his statement of September 12.



It can also be added that loan database to date the protection of personal data is still not regulated. However, financial players need to be reassured on this point, because poor data protection would limit its possibility of use.


being acquired. Trust in this currency, the development time of the project, the various legal locks and the additional funds required will be important. However, financial players have other strategic axes for the moment and prefer to wait for the project to mature before investing fully.



Legal and strategic issues

Libra is part of this movement of erasure of public power in the face of the emergence of increasingly powerful private actors seeking to exercise powers previously reserved for state bodies. The sovereignty of states therefore seems to be affected by this cryptocurrency.



Money has always been a fundamental criterion of state sovereignty . If we take the example of the euro, the transfer of monetary prerogatives carried out within the framework of the European institutions is not an attack on this sovereignty but a means of its expression, since it was built on a voluntary basis. However, here it is an attempt by a private organization, the Libra association, to take control of a prerogative of public power for commercial purposes without consultation with international public bodies.



However, the declarations of illegality of Libra made by both political authorities are not enough to make the Libra project illegal. This decision in a state of law is ultimately up to the competent administrative and judicial authorities in this matter.



Whose turn is it?

Is Libra dead or still alive? Indeed, the loss of the actors specialized in financial transactions is a very hard blow , even fatal for Libra. Nevertheless, the remaining members of the association can always find alternative solutions so that the project can survive. Without these specialists, it will be much longer, more complex, costly and risky than initially announced.



As previously stated, the main target market for Libra is people who do not yet have access to or do not benefit from a high-performance banking system. However, there are few players who can replace the Libra Association's project. One could think of Google or Apple , but neither of these two companies currently has plans to create a new payment system with objectives similar to those of Libra. On the other hand, BATX (Alibaba, Tencent, etc.), the Chinese equivalent of GAFAM (Google, Microsoft, etc.), are currently working with the Chinese Central Bank to develop a crypto-Yuan that fulfills functions and objectives similar to those of Libra. Its goal is of course to guarantee China's monetary sovereignty while keeping a centralized currency controlled by public bodies with the advantages of a cryptocurrency. The ultimate goal is to eliminate cash and allow the Yuan to be much more present on international markets , which is undoubtedly part of the strategy for developing the new Silk Roads.