French Minister Says It ‘Cannot Authorize’ Development of Facebook's Libra in Europe

France’s Minister of the Economy and Finance, Bruno Le Maire, has claimed the country will block the development of Facebook’s cryptocurrency Libra in Europe.

Le Maire was quoted by Arab News as saying:

I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil

Behind Le Maire’s words are the potential threat the social media giant’s cryptocurrency could have to European governments’ “monetary sovereignty.”