The German government is reportedly opposing the launch of Facebook’s upcoming cryptocurrency Libra in Europe.

According to the local magazine Der Spiegel, a member of Chancellor Angela Merkel’s Christian Democratic Union of Germany (CDU) party, Thomas Heilmann, noted the government will not “allow market-relevant private stablecoins” to exist in the country.

Heilmann was quoted as saying that until now “the economy has done a great job in countering crises and inflation with measures taken by central banks,” adding that:

Once a digital currency provider dominates the market, it will be quite difficult for competitors.

Heilmann’s words come shortly after France’s Minister of the Economy and Finance, Bruno Le Maire, noted the country will block the development of the social media giant’s cryptocurrency in Europe, saying it “cannot authorize the development of Libra on European soil.”

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