France to block development of Facebook’s Libra, says minister

Quick Take

  • Facebook’s planned stablecoin Libra faces a new obstacle from the French government 
  • The country’s Minister of the Economy and Finance, Bruno Le Maire, said in new comments that Libra threatens the “monetary sovereignty” of governments

France's Minister of the Economy and Finance, Bruno Le Maire, claimed that the country will halt the development of Facebook’s planned Libra stablecoin in Europe because it threatens the “monetary sovereignty” of governments.

“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” said Le Maire, as reported by AFP on Thursday. 

Le Maire made the comments at the opening of the Organisation for Economic Co-operation and Development (OECD) Global Blockchain Policy Forum 2019 in Paris, France. In June as well, Le Maire said that Libra “can’t and...must not happen” and that “it is out of question’’ for the proposed stablecoin to “become a sovereign currency.” 

Dante Disparte, Head of Policy and C