Germany, France agree to block Libra project

Friday, 13. September 2019 18:27

Germany and France announced they will block Facebook Inc.'s cryptocurrency project Libra, stating no private entity can claim monetary power, "which is inherent to the sovereignty of Nations."

In a joint statement released on Friday, the two countries acknowledged the need to improve the effectiveness of international payments but stated the Libra failed at convincing lawmakers the risks, among which financial security, prevention of money laundering and terrorism financing, and data protection, will be properly addressed. Additionally, the countries called on European banks to improve their payment systems as well as to accelerate work on issues around possible public digital currency solutions.

French Finance Minister Bruno Le Maire, who is a strong opponent of Libra, said yesterday Paris wouldn't authorize the development of Facebook Inc.'s digital currency on the "European soil."

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