Report: France Says It Cannot Authorize Facebook Libra in Europe

France intends to obstruct the advancement of Libra — Facebook’s proposed stablecoin payments system — in Europe.

French Finance Minister Bruno Le Maire said that the nation couldn’t allow the launch of Facebook’s proposed digital currency in Europe because the “monetary sovereignty of states is at stake,” CNBC revealed September 12.

The report underscores Le Maire’s open fearless position conveyed at the opening of the OECD Global Blockchain Policy Forum 2019 in Paris. He said:

“All these concerns around Libra are serious. So I want to say this with a lot of clarity: I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil.”

This June, Le Maire had said that he would request guarantees from Facebook that Libra would not be exploitable for unlawful exercises, for example, terrorism financing.

He also contended that the tech mammoth’s stablecoin was an “attribute of the sovereignty of the States” and should thus “remain in the hands of the States and not of the private companies which answer to private interests.”

In parallel, U.S. administrators have communicated their tireless “concerns […] with allowing a large tech company to create a privately controlled, alternative global currency.”