France, Italy and Germany preparing measures to block Facebook Libra

epa07655888 (FILE) - A Facebook logo on a stand during the Vivatech startups and innovation fair, in Paris, France, 16 May 2019 (reissued 18 June 2019). US social media giant Facebook announced on 18 June 2019 its plans for their cryptocurrency named Libra. It is scheduled to rolled out in 2020. EPA-EFE/Julien de Rosa

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France, Italy and Germany are together preparing measures to block Facebook’s new Libra cryptocurrency from use in Europe, French Economy Minister Bruno Le Maire announced Friday.

France 24 reports Le Marie telling reporters that “Libra is not welcome on European soil.”

Le Maire was speaking to reporters at the sidelines of the annual meetings of the World Bank and International Monetary Fund.

“We will take steps with the Italians and Germans because our sovereignty is at stake.”

Le Maire offered few details even though Libra is expected to enter circulation next year.

“It’s the political message which is important,” he said.

“All Facebook would have to do would be to decide to use more or fewer dollars or euros to affect the exchange rate between the euro and the dollar, and thus have a direct impact on trade, industry and nations which use the dollar or euro as their base currency,” he said.

This could harm monetary policy and affect governments’ efficiency, he added.

“Do we want to put monetary policy in the hands of a private company like Facebook? My answer is clearly no,” he said.


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