The Finance Minister of France: Bruno Le Maire says, Facebook’s crypto-currency, “Libra” cannot be allowed in Europe.
Facebook is planning to launch its crypto-currency next year.
The social network company claims, Libra will make cross-border money transfers easier and bring about major economic and social changes.
However, The Finance Minister of France says, “Libra” could threaten the monetary sovereignty of countries, trigger financial turmoil, and be used for money-laundering.
French government officials say, the crypto-currency could destabilize the global financial system and cause personal data breaches, among other problems.
Finance Ministers and Central Bank Governors of the G-7 countries agreed in July that Libra would have to meet the highest regulatory standards, before gaining approval.