French Billionaire Says Crypto Asset Libra Is Unstoppable

French billionaire Xavier Niel says the Facebook-led stablecoin Crypto Asset Libra will exist along with thousands of other digital assets in the crypto market.

Niel is the founder and majority shareholder of the French internet service provider Iliad. In a new article at Les Echos, he says,

“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.”

He adds,

“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.”

Last month, France’s government announced it is planning to block the development of Crypto Asset Libra.

The nation’s authorities say Facebook’s crypto asset project must not be permitted in Europe because it goes against the “monetary sovereignty” of states.

French finance minister Bruno Le Maire says he believes that the Libra initiative raises serious concerns.

“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.”