Libra and cryptocurrencies must be regulated, says France

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Speaking at an OECD event on Thursday, French finance minister Bruno le Maire warned that the development of the digital currency would undermine " government sovereignty" and that it can not authorise its use.

"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.

LEGAL LIMBO Meanwhile, European Union authorities are sending Facebook a clear message that Libra is not welcome in Europe.

It goes without saying that Facebook's "cryptocurrency" hasn't had it easy so far.

While France may allow certain crypto transactions, Le Maire reveals that the nation's regulators are blocking Facebook's controversial Libra cryptocurrency project.

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Recall that Nairametrics had reported that concerns were raised that Libra could reduce the European Central Bank's control over the Euro and threaten the economy as well.

Elsewhere in his address, Le Maire urged, once more, for a "public digital currency", without specifying further. He said he would discuss this issue with other ministers next month.

Ever since it was first announced earlier this year, the tech giant's project has ruffled feathers across the globe, with countries such as India expressing deep-rooted concerns relatively early on. Regulators could ban citizens from holding, buying, or selling the crypto asset, but aside from imposing such strict rules on investors, there's little even the most powerful of governments can do to stop Bitcoin. Reports suggest that the tech giant is hoping the euro, Singapore dollar, Japanese yen, British pound, and USA dollar will be among the first currencies to support the firm's virtual coin. It includes a warning that the coin scheme will face more scrutiny than usual because it aims to go beyond being a mere payment system.

The move has been, unsurprisingly, viewed with a high level of scepticism by regulators and lawmakers, especially those in the U.S., with good reason.

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