An anonymous reader quotes a report from Motherboard: Facebook’s plan to revolutionize the global economy with its version of bitcoin hit another snag this week when the French finance minister said the country would block the Libra cryptocurrency if it launches as planned in 2020. Libra, which is scheduled to launch in the second half of next year, is designed to be a fast and easy way for people to transfer money around the world, using the company’s Messenger and WhatsApp services. Bruno Le Maire, speaking at a cryptocurrency conference organized by the Organization for Economic Development (OECD) on Thursday, didn’t mince words when it came to the threat posed by Libra to the stability of the French economy by undermining the influence of the euro.

“The monetary sovereignty of countries is at stake [from] possible privatization of money by a sole actor with more than 2 billion users on the planet,” he said. Le Maire said that during times of economic crisis, citizens may abandon national currencies in favor of Libra, making it very difficult for governments to manage the economy. “All these concerns around Libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil,” Le Maire added.

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Source: Slashdot – France Took One Look At Facebook’s Cryptocurrency and Said, ‘Hell, Non’