The launch of Facebook’s own crypto currency cannot continue in the form that the social media giant has proposed so far. That said the French finance minister Bruno Le Maire prior to consultations with counterparts from the so-called G7 countries.

Le Maire said earlier that the Facebook crypto plans are high on the agenda of the summit meeting. The meeting of finance ministers in particular wants to prevent the libra from replacing regular currencies, he said in an interview with the Italian newspaper Corriere della Sera.

Facebook’s intended crypto currency, the libra, already received much criticism. For example, the currency could undermine financial stability, the US Federal Reserve recently warned. There are also concerns about the possibilities for money laundering and financing of crime with the crypto currency. Finally, Facebook does not have a very good reputation when it comes to privacy.

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