Facebook’s cryptocurrency Libra decried by French finance minister, saying it ‘must not happen’

Facebook’s cryptocurrency Libra was only officially unveiled earlier today, but has already been the target of vociferous opposition from France’s finance minister Bruno Le Maire, according to a Bloomberg report on Tuesday.

Le Marie said Libra “can’t and...must not happen” and that “it is out of question’’ for the cryptocurrency to “become a sovereign currency.” He has reportedly called on the Group of Seven (G-7) central bank governors and guardians of the global monetary system to review the social media giant’s upcoming cryptocurrency and submit a report next month.

According to the report, Markus Ferber, a German member of the European Parliament, warned that Facebook could become a “shadow bank” and said regulators should be vigilant.

Facebook's stated mission for Libra is to serve the unbanked and facilitate low-fee money transfers globally.