France to block Facebook’s Libra cryptocurrency

 At the opening of the OECD Blockchain development summit in Paris, French finance minister Bruno Le Maire said France will halt any progression of Facebook’s Libra cryptocurrency development in Europe. ‘I want to be absolutely clear: In these conditions, we cannot authorise the development of Libra on European soil’. Le Maire said. This is not the official stance of the EU. Le Maire stated concerns that Libra cryptocurrency might undermine the sovereignty of the euro, and other sovereign fiat currencies. In a reaction to the statement from the French minister, the Libra Association pointed out that they are determined to find the best solution together with regulators, and that they are committed to: ‘work with regulatory authorities to achieve a safe, transparent, and consumer-focused implementation’.