Barely Facebook managed to officially announce the launch of its Libra in 2020, as the company was hit by a barrage of criticism from both crypto-enthusiasts and government officials from different countries.

Regulators should take a closer look at Facebook, which is launching a project that looks like a “shadow bank”, said Markus Ferber, a German member of the European Parliament.

“Multinational corporations with giant user bases such as Facebook must not be allowed to operate in a regulatory nirvana when introducing virtual currencies.”

French Finance Minister Bruno Le Maire called on the G7 central banks governors to have a closer look at Libra and prepare a report on the Facebook cryptocurrency project for the upcoming meetings in July. Facebook’s desire to process payments will not go unnoticed, Le Maire said. Answering the question of whether Libra can compete with national currencies, Le Maire categorically replied that "it can’t and it must not happen" and "it is out of question."

In Russia, Libra may even be outlawed. Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said that Russian lawmakers do not plan to legalize Libra as a payment method. According to him, Russia does not plan to adopt legislation “which provides space for the active use of cryptotools created on the basis of open platforms, blockchains,” since this may pose a threat to the country's financial system.

"Regarding Facebook cryptocurrency and its use as a payment instrument in Russia at this stage, my opinion is that in our country it will be banned."

At the same time, he added that those who wish can buy Libra at foreign financial sites.

Facebook cryptocurrency was also criticized by crypto enthusiasts, but their outrage was caused by Facebook’s plans to comply with regulatory requirements, that largely contradicts the ideas of decentralization.

Bitcoin enthusiast Andreas Antonopoulos, who earlier already criticized Facebook and Telegram crypto projects, wrote:

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According to him, Libra will never be able to compete with bitcoin, which works on a “truly open public blockchain.”