Cryptocurrencies

Facebook’s Libra Cryptocurrency Could Be Blocked in Europe After Top Politician Says He ‘Cannot Authorize’ Its Development

Facebook’s plan to roll out a new global currency hit a fresh hurdle today after it was criticized as a potential risk to “monetary sovereignty.”

French Finance Minister Bruno Le Maire spoke out against the digital money, known as Libra, in a keynote address during the Global Blockchain Policy Forum in Paris today. He indicated its development would not be allowed to take place in Europe in its current form.

“All these concerns around Libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil,” he said at the event, being run by the Organisation for Economic Co-operation and Development (OECD).

Referencing the dominant social network, Le Maire warned against the “possible privatization of money” by a “single actor that has more than two billion users on the planet.”

Translated by the Financial Times, he added: “Any failure in the functioning of this currency, in the management of its reserves could create considerable financial disorders.” Le Maire said he feared Libra could potentially be exploited for money laundering or terrorist financing.