France to block Facebook’s Libra in Europe

France to block Facebook’s Libra in Europe
France has said that it will block the development of Facebook’s cryptocurrency, the Libra in Europe, dealing a fresh blow to the cryptotrade industry.

The French finance minister, Bruno Le Maire said that plans for Libra could not move ahead until concerns over consumer risk and the governments’ monetary sovereignty were addressed. Officials also raised concerns about how the currency would be regulated and how it would comply with regulations designed to prevent money laundering and the financing of terrorism.

Dante Disparte, Head of Policy and Communications at the Libra Association, the non-profit organization developing the currency, said that Le Maire’s comments underscored the importance of the project’s backers working together with regulators around the world.

He said the associated wanted to work with regulators to achieve a “safe, transparent, and consumer-focused implementation of the Libra project.”