France and Germany voiced concerns about Facebook’s cryptocurrency Libra and propose the alternative public cryptocurrency

At the meeting of the Eurozone finance ministers in Helsinki this week, French Minister of Finance Bruno Le Maire issued a joint statement with German finance Minister Olaf Scholz, regarding concerns with Facebook’s cryptocurrency Libra. They pointed out that ‘virtual currencies can pose a serious threat to consumers, financial stability, and even ‘the monetary sovereignty of European states’. The finance ministers encouraged ‘European central banks to accelerate work on issues around possible public digital currency solutions’.

European Central Bank (ECB) board member Benoit Coeure, also addressed the issue of Libra during the Helsinki meeting. ‘Libra was a wake-up call’ he added. This is the second time in a short time span that Le Maire addresses Facebook’s Libra cryptocurrency. Earlier this month, he voiced concerns about Libra, during the OECD Global Blockchain Policy Forum in Paris stating: ‘I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil’.