France Stands Against Facebook's Libra Due to High Risks

French Minister of Economy and Finance, Bruno Le Maire, said that the use of the Facebook-launched cryptocurrency Libra, can not be allowed in Europe. This is due to concerns about the preservation of sovereignty, systemic financial risks, and the risk of abuse by the dominant player in the market.

"Libra also represents a systemic risk from the moment when you have two billion users. Any breakdown in the functioning of this currency, in the management of its reserves, could create considerable financial disruption," Le Maire stated.

He called on the European authorities to develop an "official digital currency" and to start these discussions in meetings with the International Monetary Fund (IMF) in October this year.

The Group of Seven admitted that Libra would not enter the financial turnover until all the regulatory issues would be resolved.

Meanwhile, Switzerland noted that Libra payment system could cross paths with standard bank requirements which usually applies to banks, plus, the strict anti-money laundering laws.