France announces that it will block the development of Facebook cryptocurrency in Europe


France has announced Thursday that it will block the development of the cryptocurrency of Facebook, Libra, in the EU because it threatens the "monetary sovereignty" of governments, according to inform AFP.

"I want to be absolutely clear: under these conditions, we cannot authorize the development of Libra in the European territory", has declared French Finance Minister Bruno Le Maire at the opening of an OECD conference on virtual cryptocurrencies.

Previously, Yves Mersch, a member of the board of the European Central Bank (ECB), warned about the consequences that the use of the Facebook cryptocurrency could have for the European economy, in addition to qualifying it as "seductive" and "treacherous".

Last July, US Treasury Secretary Steve Mnuchin expressed concerns during a press conference that Libra is used in illegal activities and "by money launderers and terrorist funders."

Facebook presented its cryptocurrency, which will be based on financial reserves – which means that it will not be so volatile and unstable – on June 18. Initially, the technology company had announced that the new currency would be operational in the first half of 2020.

However, last July the firm of Mark Zuckerberg suspended the launch of Libra until the "regulatory doubts and appropriate approvals received" were resolved.

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