French authorities said they would not allow Facebook's Libra cryptocurrency to work in the EU.
French don't like Libra
According to the Independent, the head of the French Ministry of Economy and Finance, Bruno Le Mare, said at the opening of the OECD cryptocurrency conference that France would not allow Libra to be created on "European land in this state."
The minister did not say what he means by "such a state", nor what this could mean for Libra.
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- The French authorities are far from the only ones who spoke out against Libra. Prior to this, a member of the board of the European Central Bank, Yves Mersch, said that Facebook's cryptocurrency could undermine the foundations of the Eurozone banking system, as well as the regulator’s control over the euro
- In the US, authorities "interrogated" Facebook in the Senate and House of Representatives, where they harshly criticized the social network and its project
- Facebook, meanwhile, has applied for a license for the Libra payment system in Switzerland. Also, the social network asked the authorities to "clarify" the status of Libra in the country. Authorities agreed, and warned that the social network should expect tight regulation
Editor: Yulia Krasnaya