Europe wants ‘public cryptocurrency’ — but what is it?

France and Germany are backing the development of what they called a “public cryptocurrency."

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France and Germany said on Friday Facebook’s Libra coin posed risks to the financial sector that could block its authorization in Europe — and backed the development of what they called a “public cryptocurrency.”

The fears of the two major powers that anchor the European Union are justified. Facebook already holds the keys to our speech and our private information and has thoroughly abused that power.

But what exactly is a public cryptocurrency? This is the first time I’m hearing of the term.

A European Central Bank official said the project could allow consumers to use electronic cash, which would be directly deposited at the financial institution. Translation: it is exactly like Libra.         

Rather clearly, Europe does not fear the fact that Libra puts so much power into the hands of one party. It fears the fact that the one party is not it.

Libra is scheduled to launch by the end of 2020.         

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