France vows to block Facebook’s Libra in Europe

0
44

France says it will block development of Facebook’s Libra digital currency in Europe because it threatens the “monetary sovereignty” of governments.

Finance Minister Bruno Le Maire said Libra posed financial risks and could be open to abuse.

At a meeting of the Organisation for Economic Co-operation and Development, in Paris, Mr Le Maire said: “This eventual privatisation of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies.”

However, he did not spell out how France could keep Libra out of the 28-member European Union.

Mr Le Maire said he had been in touch with both the incoming and outgoing heads of the European Central Bank about setting up a “public digital currency” under the aegis of international financial institutions.

The social media giant announced plans for a currency in July, but the project has faced hostility and scepticism.

 

Olajumoke Adeleke