France Wants Nothing To Do With Facebook’s Libra, Says It Threatens Government’s ‘Monetary Sovereignty’

Kevin Mwanza
Written by Kevin Mwanza
Facebook's Libra
French Finance Minister Bruno Le Maire says that Facebook’s new cryptocurrency should not be allowed to operate in Europe while concerns persist about sovereignty and financial risks. Economy and Finance Minister Bruno Le Maire of France attends the informal meeting of ministers for economic and financial affairs and Eurogroup in Helsinki, Finland, Sep. 13, 2019. (Martti Kainulainen/Lehtikuva via AP). Edited Image by Autumn Keiko

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 reported.

“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”.

Experts concerned about Facebook’s Libra

Facebook unveiled plans for Libra in June, triggering immediate warnings from some experts that it could shift control of the economy from governments and their central banks to the high-profile tech businesses that back the digital currency.

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Libra’s head of policy and communication, Dante Disparte, said the cryptocurrency had come under heavy scrutiny since it was announced in June. Facebook is working on introducing the Libra coin in early 2020.

“We welcome this scrutiny and have deliberately designed a long launch runway to have these conversations, educate stakeholders and incorporate their feedback in our design,” Disparte told Decrypt.

“The comments today from France’s economy and finance minister further underscore the importance of our ongoing work with regulatory bodies and leadership around the world,” Disparte added.