France will block the introduction of the Facebook crypto coin Libra in Europe, said Finance Minister Bruno Le Maire on Thursday at the opening of the cryptocurrency meeting of the Organization for Economic Cooperation and Development (OECD).

“I want to be clear: under these circumstances we cannot authorize the development of Libra on European territory,” said the French minister. The country rejects the currency because it would threaten “monetary sovereignty”.

(Which France does not have anyway because the country lost it with introduction of Euro)

The introduction of Libra is now planned for 2020, although no specific date has been set for this.

Not only the EU is critical of the currency. Also in the United States and China, among others, movements have started to ban libra.

Libra was announced in June by a partnership of 28 companies, including Facebook, Uber and PayPal. This is a currency that is primarily intended to allow users to exchange money among themselves. It is also the intention that companies start using the coin, so that you as a user can buy something from this company.

About the author: Nick Schramm

Nick Schramm is tech savvy with strong engineering education behind. His interest in sciences helps the whole WeeklyNewsReview stuff to keep informed about various topics of the modern technology.

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