France will block development of Facebook Libra cryptocurrency

French Economy and Finance Minister Bruno Le Maire said they will prevent the development of Libra. (File/AFP)

• “I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said
• Social media giant Facebook previously announced its new product, the Libra cryptocurrency

PARIS: France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments.
“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said at the opening of an OECD conference on virtual, crypto currencies.