France seeks Facebook Libra cryptocurrency ban in Europe

France’s economic minister declared that the French government intends to block the development of Facebook’s Libra cryptocurrency in Europe because of the systematic threats it poses to financial security and stability.

During remarks at an OECD conference dedicated to cryptocurrencies, France’s Bruno Le Maire said that risks are simply too great and trust in Facebook is too low, according to French newspaper Le Figaro.

“I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said. He added: “The monetary sovereignty of the (European) states is in play.”

More to come.

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