The French finance minister has said the nation plans to block Facebook’s Libra cryptocurrency in the EU over concerns that it poses a threat to “monetary sovereignty.”
According to The Independent newspaper on Thursday, Bruno Le Maire, Economy and Finance Minister of France, said:
“I want to be absolutely clear: In these conditions, we cannot authorise the development of Libra on European soil.”
Le Maire was speaking at the opening of an OECD conference on blockchain and cryptocurrencies in Paris, France.
The minister has previously expressed concerns over Libra’s threat to national currencies, saying after the cryptocurrency’s debut in June that “It is out of question’’ that Libra be allowed to “become a sovereign currency. It can’t and it must not happen.”
CoinDesk has reached out to the Libra Association for comment and will update this breaking story if more information is received.
Bruno Le Maire image via Shutterstock