France said it will block the development of Facebook‘s Libra stablecoin in Europe because the digital currency will threaten the “monetary sovereignty” of governments.
Bruno Le Maire, France’s minister of the
economy and finance, said Libra should not be allowed to operate in Europe
while concerns persist about sovereignty and persistent financial risks, Reuters
“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” said Le Maire, AFP reported.
Germany also joined France in a statement that affirmed that “no private entity can claim monetary power, which is inherent to the sovereignty of nations”.