Breaking: France considers blocking Libra development in Europe

Libra is not wanted in Europe, according to Bruno Le Marie.
The coin raises numerous risks to the sovereignty of the European countries.

Tanya Abrosimova Independent Analyst

France will not allow the development of Facebook's Libra coin in Europe at least under current conditions, the French Finance Minister Le Marie said speaking at an open OECD conference. The Minister believes that the project threatens the sovereignty of the European countries.

Bruno Le Marie took up a tough stance towards Facebooks’ cryptocurrency announced back in June. In the inaugural speech at the OECD conference on September 12, he emphasized that Libra raises systemic risks and may lead to abuse of dominant position on the part of the social media giant.

He also mentioned that he had discussed the creation of public central bank digital currency (CBDC) with the head of the European Central Bank Mario Draghi and his proposed successor Christine Lagarde.

Notably, the Swiss financial regulator FINMA promised to scrutinize Libra for various risks including anti-money laundering standards. Also, the project was given a cold shoulder in many oner jurisdictions around the globe, including the United States.

Author

Tanya Abrosimova

Independent Analyst

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