France urges EU rules on cryptocurrencies, warns of Libra risks

France to block the development of Facebook's digital currency Libra

France to block the development of Facebook's digital currency Libra

Facebook's libra would be blocked in Europe because the digital currency is too risky and threatens sovereignty, French finance minister Bruno Le Maire said on Thursday as he urged governments to work on their own public version.

"I want to be absolutely clear: In these conditions, we can not authorize the development of Libra on European soil", Bruno Le Maire said at the OECD Global Blockchain Policy Forum in Paris. I, therefore, want to say with plenty of clarity: "in these conditions, we can not authorize the development of Libra on European soil".

The head of the Libra Association, the nonprofit entity behind Facebook's forthcoming Libra cryptocurrency recently stated that the company is committed to launching the stablecoin and clearing all regulatory obstacles.

The proposed cryptocurrency was unveiled in June.

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Furthermore, Perez also confirmed that Libra would upon launch be tied to several major world currencies but not the Chinese yuan. Perez maintained that Libra association was in constant dialogues with regulators and central banks. And we are firmly maintaining our launch schedule, between the end of the first half of the year and the end of 2020.

Facebook has already confirmed that it's working with existing payment providers including PayPal, Visa and Mastercard, as well as specific tech services like Lyft and Uber, who are likely to offer a pay-by-Libra option.

According to multiple reports, The Libra Association officially submitted a request to the Swiss Financial Market Supervisory Authority (FINMA), in an effort to clarify how Facebook's coin will be regulated under Swiss law.

But government officials say the crypto-currency could destabilize the global financial system and cause personal data breaches, among other problems. Cryptocurrency exchanges and wallets used to store virtual coins have been attacked in recent years, leading to the theft of millions of coins belonging to traders. Or is this so new that a whole new way of regulating needs to be invented?

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