France block the development of Facebook's Libracryptocurrency
France block the development of Facebook's Libracryptocurrency

French Finance Minister at OECD Conference said that they cannot Authorize the development of Libra on European Soil. They said they will block the development of Facebook’s Libra Cryptocurrency because it poses a threat to “Monetary Sovereignty”.

Bruno Le Maire said, “I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.” On OECD conference on Cryptocurrencies.

The Libra cryptocurrency was announced by Facebook this year and expected to launch in 2020. Libra was designed to transfer money on facebook and other facebook’s platform like WhatsApp, Instagram and messenger.

It faces many challenges especially in Europe because it may be a threat to the National currencies.