'I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil,' French Finance Minister Bruno Le Maire said during a blockchain conference in Paris.
Facebook's plan to roll out a new global currency hit a fresh hurdle today after it was criticized as a potential risk to"monetary sovereignty."
Referencing the dominant social network, Le Maire warned against the"possible privatization of money" by a"single actor that has more than two billion users on the planet.", he added:"Any failure in the functioning of this currency, in the management of its reserves could create considerable financial disorders." Le Maire said he feared Libra could potentially be exploited for money laundering or terrorist financing.
The cryptocurrency ecosystem would not be under the full control of Facebook, instead being managed by a collective based in Switzerland,. Founding members included Visa, Mastercard, Paypal, Spotify and Coinbase. The group said that its aim was to have Libra be"widely accepted around the world."
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